Established in 1903, NSGB
is the oldest overseas military installation and the only one located in a communist country
"Our ratings on CIB and NSGB
do not exceed the sovereign ratings because of their sizable on-balance-sheet exposure to the sovereign.
Qatar National Bank (QNB) is said to be in discussions to cut its stake in its newly acquired business, National Societe Generale Bank - Egypt (NSGB
June 2013, which also consolidated NSGB
into the figures.
is the second largest private bank in Egypt with 160 branches across the country, and more than 4,500 employees.
The tender offer for the rest of the NSGB
stock must be carried out under Egyptian market rules.
Qatar National Bank, which is 50 per cent owned by the Qatar Investment Authority, a sovereign wealth fund, "can raise capital very cheaply to fund lending growth in its subsidiary," Mostaque said, referring to Cairo-based National Societe Generale Bank, or NSGB
QNB will also acquire stakes not already owned by NSGB
in some of its local subsidiaries.
| DOHA, Dec 24 (KUNA) -- Qatar National Bank (QNB) said it was seeking the approval of the Central Bank of Egypt (CBE) over the acquisition of the National Societe Generale Bank - Egypt (NSGB
) entire shares.
BANKING AND CREDIT NEWS-November 28, 2011--S&P downgrades NBE, CIB, NSGB
after Egypt's rating cut(C)2011 M2 COMMUNICATIONS http://www.m2.com
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
The firm said that the results represent a 14.1 percent increase over the same period in 2012 and include NSGB
Egypt, in which QNB Group maintains a controlling 97.12 percent stake.