National Société Générale Bank’s board of directors approved in its meeting on December 13th 2012 to repay the US$ 140 million loan offered from France’s Société Générale by the beginning of 2013.
NSGB stated in a filling today to the Egyptian Exchange that the bank will repay the loan as its contribution to capital adequacy will be zero.
In addition, the board of directors approved the acquisition of 40% of SOGELEASE EGYPT, subsidiary of Société Générale.
It is worth mentioning that Qatar National Bank (QNB) has entered into a definitive agreement with Société Générale for the acquisition of its entire stake of 77.17% (valued at US$ 2.558 billion) in National Société Générale Bank – Egypt (NSGB).
Subject to receipt of required regulatory approvals, QNB Group will launch a mandatory tender offer (MTO) for 100% of the share capital of NSGB, to which Société Générale has committed to tender its shares. The acquisition process will be finalized by the first half of 2013.
