Ali Shareef Al-Emadi, CEO of Qatar National Bank Group, has presented the Group’s view on methods of cooperation with National Société Générale Bank’s (NSGB) staff to achieve sustainable growth in the upcoming years.
As QNB Group intended to invest in the Egyptian market, it bought 97.1% stake in NSGB, he added. The current administration of NSGB enjoys great banking experience, so it will continue to manage the bank.
During a press conference today, Al-Emadi expressed his delight that NSGB joined QNB Group as it is one of the largest acquisition processes in the banking sector in the Middle East.
NSGB’s acquisition deal has given the Group the opportunity to invest in the Egyptian market as NSGB enjoys a strong financial position, efficient staff and large number of branches.
QNB plans to double the number of branches within the next five years after increasing the number of employees and providing them with training opportunities.
QNB will cooperate with NSGB to provide it with high-tech banking services such as banking internet and mobile services to benefit the customers of NSGB.
QNB has also a unique and long experience in financing projects as it plays a great role in boosting Qatar’s economic growth. The Group will give NSGB the opportunity to benefit from its experiences so as to boost Egypt’s economy.
It is worth mentioning that QNB Group fostered its presence in the region by acquiring 49% in the Libyan Bank of Commerce and Development and raising its stake in the Iraqi-based Mansour Bank, Tunisian-Qatari Bank and Commercial Bank International (CBI) based in the United Arab Emirates. After entering the Egyptian market, QNB increased the number of countries it has presence in to 25. This will enhance NSGB’s capability to finance foreign commerce and tap into the correspondence network which exceeds 500 correspondents.
