Egypt - The Ministry of Finance is planning to sell its 20% stake in ALEXBANK to Intesa Sanpaolo Group, the Italian banking group that owns about 80% of the bank, sources close to the deal told Daily News Egypt. The deal is expected to be completed in the first quarter of 2024 and is valued at around $150-175m, according to the sources. The sources said that the negotiations for the acquisition started in February last year and that ALEXBANK is the first government-owned bank to be privatized. The International Finance Corporation, which had a 9.75% stake in the bank, sold it to Intesa Sanpaolo Group in 2020 for $162m. A government document reviewed by the stock exchange revealed that the Egyptian government intends to exit some of its holdings in other companies as well, aiming to raise $5bn from October 2023 to June 2024.

Source: Daily News Egypt October 09, 2023 21:16 UTC