• More reports on:
  • M&A

Societe Generale sells entire Egyptian subsidiary stake to Qatar National Bank for $2 bn

30 Mar 2013

1

French lender Societe Generale on Thursday said that it has finalised the sale of its entire 77.17-per cent stake in its Egyptian subsidiary National Societe Generale Bank (NSGB) to Qatar National Bank, for $2 billion.

NSGB is Egypt's second largest private bank with 160 branches, and has more than 4,500 employees.

The Paris-based bank said the transaction generates a net gain of €370 million ($473 million) in Q1 2013 and increases its Basel 2.5 Core Tier 1 ratio by 32 bps.

Earlier this week, Egypt's tax authority said that it would levy a 10-per cent tax on shareholders profiting from the stake sale, though NSGB's parent Societe Generale SA is exempted from the tax due to Egypts agreement with France to avoid double taxation

Qatar National Bank is 50 per cent owned by the Qatar Investment Authority, the country's sovereign wealth fund, which owns stakes in Barclays, Volkswagen and Harrods.

Societe Generale is one of the largest European financial services group.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more