QNB Group today confirmed that it has entered into discussions for the acquisition of Société Générale’s holding in National Société Générale Bank (NSGB) – Egypt.

The stake will amount to 77.2 per cent of paid-up capital of the bank.

QNB Group notes that the on-going discussions are in early stages.  The acquisition is subject to due diligence and will be in conformity with QNB Group’s international acquisition criteria, said a statement.

NSGB – Egypt is one of the largest banks operating in Egypt through a network of 160 branches across the country, with total assets as at June 30, 2012 reaching EGP63.8 billion ($10.5 billion). – TradeArabia News Service