Thursday 17 January 2013

Currency crisis won't end Qatar bank's Egypt buy: CFO - Economy - Business - Ahram Online

Qatar National Bank hopes to complete the purchase of Societe Generale's Egyptian unit in the next two months and won't be deterred by the currency crisis in the north African country, it said on Wednesday.
The Gulf state's largest bank said in December it would buy the French bank's 77 per cent stake in National Societe Generale Bank, with the buyout of minority shareholders taking the price to around $2.56 billion.

Egypt has subsequently been hit by a currency crisis, with the pound dropping around 6 per cent in value against the dollar to 6.58 since the introduction of a new system of foreign currency auctions on Dec. 30.
Currency crisis won't end Qatar bank's Egypt buy: CFO - Economy - Business - Ahram Online

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