Qatar National Bank gets nod to start due diligence on SocGen Egypt unit

Egyptian regulators have given the Gulf bank the green light ahead of a possible sale

Qatar National Bank has received approval from Egypt's central bank to start due diligence on Societe Generale's Cairo unit, ahead of a possible majority stake sale to the Doha-based lender.

QNB got the green light from Egyptian regulators to start due diligence on National Societe Generale Bank on September 12, the company, which is 77.17% owned by struggling French bank Societe Generale, said in a statement on Thursday to the Egyptian bourse.

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