Qatar National Bank SAQ, which agreed to buy Societe Generale SA (GLE)’s Egypt unit, is set to become the first Arab lender with assets exceeding $100 billion amid a drive to tap consumer lending in more populous markets.
Doha-based QNB said Dec. 13 it will pay $1.97 billion for 77 percent of National Societe Generale Bank SAE. The deal will give the lender, which overtook Saudi Arabia’s National Commercial Bank for the region’s top spot a year ago, a foothold in the Arab nation of more than 83 million. It will also boost the bank’s assets by 11 percent to about $107 billion, more than double their value at the end of 2009 and six times above the Middle East average, data compiled by Bloomberg show.
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