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Monday, 19 February 2018

QNB to sell small stake in Egyptian unit to comply with EGX regs

Qatar National Bank is looking to reduce its stake in its Egyptian unit QNB-Al Ahli to 95% from 97.125% currently, according to a company statement. QNB has hired CI Capital to advise on the stake sale. The sale is intended so that QNB-Al Ahli can get in line with EGX regulations, which require shares in free float to not be less than 5%. A QNB spokesman said the bank had no current plans to further reduce its stake following the sale of the 2.125% stake, Reuters reports.

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