The Qatar National Bank (QNB) has bought the stake of National Societe Generale in NSGB Life Insurance for US$8.3 million, equivalent to $18.444 per share.
The bank said in a press release on Thursday that the Board of Directors adopted the study prepared by independent financial advisor HC Securities & Investment on the assessment of the price of the shares.
QNB had on 30 August 2012 formally requested from the Central Bank of Egypt to acquire a stake of up to 77.17 percent of the shares of National Societe Generale, whose capital is LE4.87 billion over 443.5 million shares with a nominal value of LE10 per share.
National Societe Generale, which is owned the French Societe Generale, bought Misr International Bank in 2005 for LE1.6 billion before merging into the National Societe Generale.
Edited translation from Al-Masry Al-Youm
