QNB has hired JP Morgan Chase to advice on its planned buy of Societe Generale’s Egyptian arm.
QNB was given 60 days by the Egyptian Financial Supervisory Authority (EFSA) to complete due diligence, which was done last week.
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Currently, the French bank Societe Generale holds 342 million shares, representing 77.174%, in NSGB, according to a filing made to the Egyptian Stock Exchange.
Rest of the shareholding is split between East Delta Flour Mills, National Bank of Egypt, Principal Bank for Development and Agricultural Credit, Misr Insurance Company, Egyptian National Postal Authority, Egyptian Savings Fund, the Egyptian arm’s board of directors and the public.
The Qatari bank, which is partly-owned by Qatar’s sovereign wealth fund, will also make a mandatory offer to minority shareholders for the remaining 23% of National Societe Generale Bank (NSGB).
Egyptian investment bank EFG-Hermes had valued NSGB’s share at EGP50; and this would value the deal at EGP17.114 billion.
