Qatar National Bank (QNB) is set to sell nearly 2.1% of its stake in Egyptian unit QNB ALAHLI to comply with the free float requirements of the Egyptian Stock Exchange as well as fulfil other requirements of local regulators.
The Egyptian stock exchange rules require a free float of more than 5%.
Following the sale, QNB Group’s stake in QNB ALAHLI will reduce to 95% from its current holdings of 97.12%.
In the regulatory filing, the Middle-East lending firm stated to have hired CI Capital in Egypt to advice on this divestment initiative.
In 2013, QNB entered Egypt by buying Societe Generale’s business in the country for nearly $2bn.
According to Thomson Reuters data, QNB QNB ALAHLI is the third largest bank in the Egypt by assets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe group’s total assets reached to QAR811bn ($223bn) at the end of 2017, an increase of 13% compared with the last year.
The bank said that the growth in total assets was driven by loans and advances which registered a jump of 12% to reach QAR584bn ($161bn).