CIB and NSGB
display stronger capital metrics than NBE and BM, and this is a positive rating factor, in our view.
June 2013, which also consolidated NSGB
into the figures.
12 per cent which includes Societe Generale's entire stake in NSGB
Country: EgyptSector: Banking/Financial ServicesTarget: National Societe Generale Bank SAE, or NSGB
Buyer: Qatar National Bank Group (QNB Group)Vendor: Societe Generale SADeal size in USD: 2.
97 billion for 77 per cent of NSGB
, which operates about 160 branches across the most-populous Arab country.
acquisition is part of QNB's strategy to diversify revenue sources," QNB Group Chief Executive Officer Ali Shareef al Emadi, said in a statement.
The pi rating of NSGB
is constrained by its limited retail position, its only adequate capitalisation and risks of operating in Egypt.
17% in NSGB
, the second largest private bank in Egypt.
Qatar News Agency reports an official source from QNB Group as stating on 17 October that QNB policy does not comment on rumours and it denies the existence of any talks to dispose of National Societe Generale Bank - Egypt (NSGB
) and ensures its commitment of the strategic partnership with NSGB
1 percent increase over the same period in 2012 and include NSGB
Egypt, in which QNB Group maintains a controlling 97.
QNB said in December it planned to buy only the 77 percent stake in NSGB
held by France's Societe Generale but in February, the Egyptian regulator gave its approval on condition that the Qatari lender buy 100 percent of NSGB
During the first quarter of 2013, QNB Group successfully completed the acquisition of a controlling stake in NSGB
amounting to 97.