Qatar National Bank, the state lender seeking to boost its regional presence through acquisitions, has hired J.P. Morgan Chase to advise on its planned buy of Societe Generale's Egyptian arm, three sources said.
SocGen is in early talks with QNB to sell its 77.2-percent stake in National Societe Generale Bank - the Egyptian lender which has a market value of around $2.3 billion - as the French bank seeks to shore up its capital through divestments.
"The talks are initial but they definitely have the firepower for an asset of that size. J.P. Morgan is assisting QNB on the deal," one of the sources said.
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