QNB gets due diligence nod on SocGen Egypt unit

The office of QNB stand in Doha. QNB, the Middle East’s biggest bank by market value, received approval from Egypt’s central bank to start due diligence on the local unit of Societe Generale ahead of a potential acquisition. The Central Bank of Egypt granted the approval on Wednesday, Cairo-based National Societe Generale Bank, the country’s second-biggest publicly traded lender, said yesterday in an e-mailed statement. NSGB said on August 30 that it had entered talks with QNB about a sale of Societe Generale’s 77.2% stake in the Egyptian lender, valued at 13.7bn pounds ($2.2bn) based on Wednesday’s closing price. QNB said in April it had a five-year plan to make itself an “icon” in the Middle East and Africa by expansion and “diversifying income sources.” The possible deal marks a revival in acquisitions in Egypt, whose economy is struggling to recover from last year’s uprising. From gulf times.