French asset servicing firm Societe Generale Securities Services (SGSS) has signed a deal with Qatar National Bank (QNB) to provide custody services in Egypt.
SGSS says it will provide commercial support, management and international coverage to QNB Al Ahli, which has been active in Egypt for 37 years.
The firms will provide a range of post-trade services to international institutional investors and corporates.
“Egypt is one of the largest economies in the Middle East and North Africa (MENA) region and foreign players are increasingly interested in accessing this and other markets in the area,” says Philippe Huerre, head of the SGSS international department.
Half the shares of QNB Group, which has its headquarters in the Qatari capital, Doha, are held by the Qatar Investment Authority, the country’s sovereign wealth fund.
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