Qatar National Bank (QNB) said it will sell a 2 percent stake in its Egyptian unit QNB Alahly to comply with Cairo listing rules, Reuters reported.

A QNB spokesman said the bank had no current plans to further reduce its stake, which will stand at 95 percent after the sale.

The sale of the 2.125 percent stake is intended to comply with Egyptian stock exchange rules that require a free float of not less than 5 percent, QNB Alahly said in a statement.

QNB has hired CI Capital to advise it on the sale of a small stake, it said.

QNB entered Egypt by buying Societe Generale’s Egyptian business for $2 billion in 2013 and QNB Alahly is the third largest Egyptian bank by assets, according to Thomson Reuters data.

Ties between Qatar and four Arab states - Egypt, Saudi Arabia , the United Arab Emirates and Bahrain - have deteriorated since the Arab states imposed a diplomatic and economic boycott on Doha in June last year.