Banque Misr Sells Its 4% Stake In NSGB To QNB

Banque Misr, the second largest private bank in Egypt, sold its 4% stake in National Société Générale Bank (NSGB) to Qatar National Bank (QNB), said Mohamed Abbas Fayed, Vice chairman of Banque Misr.

QNB announced last week that it acquired Société Générale’s 77.17% entire stake in NSGB as well as 19.95% via the mandatory tender offer.

Banque Misr had earlier purchased the stake of NSGB in Frankfurt-based Misr Bank- Europe, so that the latter became Egypt’s only wholly-owned lender in the Euro Zone.

In addition, Banque Misr plans to sell its 4% stake in BNP Paribas Egypt to Emirates NBD after the latter acquires the French bank’s 95.2% entire stake.