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Clifford Chance advises QNB Group on the largest cross-border financial services M&A deal in the MENA region

13 December 2012

Clifford Chance advises QNB Group on the largest cross-border financial services M&A deal in the MENA region

Clifford Chance is advising QNB Group on the acquisition of Société Générale’s stake in National Société Générale Bank – Egypt (NSGB).

QNB Group, the largest financial institution in the State of Qatar and the MENA region, has entered into an agreement with Société Générale for the acquisition of its entire stake of 77.17% in NSGB.

Subject to receipt of regulatory approvals, QNB Group will launch a mandatory tender offer for 100% of the share capital of NSGB, to which Société Générale has committed to tender its shares. The mandatory offer amounts to US$2,558 million.

This transaction is a significant milestone in QNB Group’s strategy of international expansion and it represents the largest acquisition in the bank’s 48-year history.

The acquisition is consistent with QNB Group’s strategy to expand its existing presence in high growth emerging markets with large under banked populations. The transaction is the largest bank M&A transaction in the MENA region since the financial crisis.

Mohammed Al–Shukairy, M&A Partner, Clifford Chance comments: "We are delighted to be advising QNB Group on this landmark transaction.  Clifford Chance has a market leading financial services M&A practice which has been mobilised on this cross border transaction and the firm is committed to continuing to assist QNB Group with its expansion plans."

The Clifford Chance team was led by M&A Partner Mohammed Al-Shukairy, with assistance from Senior Associate Daud Khan.

For further information about this release contact Magdalena Suder.