EGYPT’s financial regulator has approved an offer by QNB for National Societe Generale Bank, after requiring QNB to buy the whole company rather than the originally planned 77 percent stake.
Ashraf El Sharkawy, head of the Egyptian Financial Supervisory Authority, said that the regulator had approved the offer. “Yes. We obliged Qatar National Bank to present an offer for 100 percent,” he said. QNB has offered 38.65 Egyptian pounds ($5.74) a share, compared with Sunday’s close of 37.52 pounds.
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