Societe Generale will sell its majority stake in Egypt's National Societe Generale Bank (NSGB.CA) to Qatar National Bank QNBK.QA for $2 billion, as part of the French bank's bid to meet new capital requirements.
The sale, which is expected to be completed in the first half of 2013, promises a net gain of around 350 million euros ($456 million) and will lift SocGen's (SOGN.PA) core Tier 1 capital ratio by close to 0.3 percentage points by the end of next year under Basel III banking rules, the bank said.
"This means there will be no more questions over SocGen's capital base for 2013," said Natixis analyst Alex Koagne.
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