Egypt**  | عربي


CLOSING OF THE SALE OF THE STAKE IN NATIONAL SOCIETE GENERALE BANK (NSGB)

Societe Generale finalised today the sale of its entire stake in its Egyptian subsidiary National Societe Generale Bank (NSGB) to Qatar National Bank.

The closing of the transaction occurred after the settlement of the mandatory tender offer into which Societe Generale tendered its 77.17% stake, as previously communicated on the 12th of December 2012.

Societe Generale received for its stake a payment of USD 1,967 MM (equivalent to USD 1,974 MM net of foreign exchange transaction costs), representing a multiple to the last stated book value of NSGB of 2.0x.

The transaction generates a net gain of EUR 370 MM in Q1 2013 and increases the Group’s Basel 2.5 Core Tier 1 ratio by 32 bps.

Under Basel 3, the increase is expected to be 29 bps on a pro forma basis at the end of 2013, in line with the announcement made on the 12th of December 2012.


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