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QNB dropped interest in BNP Egypt
- Qatar: Tuesday, September 25 - 2012 at 08:31
Qatar National Bank (QNB) has dropped its interest in buying the Egyptian operations of France's BNP Paribas, favouring instead the assets of Societe Generale there due to SocGen's bigger retail banking network, Zawya Dow Jones has reported, citing people familiar with the matter. "QNB's interest in Egypt only lies in Societe Generale," one person close to the situation told the news service. QNB received the approval from the Egyptian central bank last week to start due diligence on National Societe Generale Bank, which has been valued between QR7bn ($1.92bn) and QR8.5bn by JP Morgan, the bank advising the Doha-based lender on the deal. This process will last 60 days at which point the lender must decide whether submit a formal bid for the Cairo-based bank to buy Societe Generale's 77.17% stake in the lender.
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