In a new development that reflects the lender's plans to exit the Egyptian market, Al Ahram Bankers learnt that Qatar National Bank (QNB) is in serious talks with Commerzbank, Germany's second-biggest bank, to sell its unit in Egypt. Amid strained political relations between Qatar and Egypt, banking sources close to QNB stated that the German bank has offered a bid whose value is less the price paid by QNB to buy NSGB's unit in Egypt. As an indication of the strained relations, Al Ahram Bankers learnt that sovereign entities in Egypt have withdrawn their deposits exceeding EGP 2 billion from QNB's branches in Heliopolis. QNB has also failed in obtaining the approval of competent authorities in Egypt to rebrand the unit to QNB Egypt.
