Societe Generale says in talks to cede Egyptian unit

PARIS, Aug 30, 2012 (AFP) –

French bank Societe Generale said on Thursday it was looking to cede its Egyptian unit, National Societe Generale Bank, and had received interest from Qatar National Bank.

Societe Generale, which holds a 77 percent share in NSGB, said talks with the Qatari lender were ongoing with no guarantee that a final deal would be reached.

Founded in 1978, National Societe Generale Bank has more than 700,000 clients and employs 4,161 people in 160 branches.

In looking to exit Egypt, Societe Generale follows fellow French bank BNP Paribas which earlier this month said it was seeking bidders for its Egyptian unit.