According to sources close to the deal, the Ministry of Finance plans to sell its 20% stake in ALEXBANK to Intesa Sanpaolo Group, which currently owns about 80% of the bank. The deal is expected to be finalized in the first quarter of 2024 and is valued at approximately $150-175m.
Negotiations for the acquisition began in February of last year, making ALEXBANK the first government-owned bank to be privatized. In 2020, the International Finance Corporation sold its 9.75% stake in the bank to Intesa Sanpaolo Group for $162m.
A recently published government document revealed that the Egyptian government aims to raise $5bn from October 2023 to June 2024 by exiting some of its holdings in other companies. The document stated that the government plans to sell its stake in Vodafone Egypt to a strategic investor before June 2024 and will list the Canal Mooring and Lights Company on the Egyptian Exchange by the end of this year. Additionally, the government will list one of the power plants and award three desalination plants to strategic investors before the end of September 2023.
Intesa Sanpaolo Group is a leading banking group in Italy that provides services to individuals and businesses through a wealth management and consulting business model, with a strong focus on digital and financial technology. The group has a significant international presence, with 5,200 branches and 20.2 million customers in 12 countries across Central and Eastern Europe, the Middle East, and North Africa.According to anonymous sources, the Ministry of Finance is planning to sell its 20% stake in ALEXBANK to the Intesa Sanpaolo Group, an Italian banking group that already owns approximately 80% of the bank. The deal, which is valued at around $150-175m, is expected to be completed in the first quarter of 2024. These sources claim that negotiations for the acquisition began in February of last year, and that ALEXBANK is the first government-owned bank to be privatized.
Furthermore, a government document released by the stock exchange suggests that the Egyptian government intends to exit some of its holdings in other companies, with the goal of raising $5bn between October 2023 and June 2024. The document reveals that the government plans to sell its stake in Vodafone Egypt to a strategic investor before June 2024, and will list the Canal Mooring and Lights Company on the Egyptian Exchange before the end of this year. Additionally, the government will list one of the power plants and award three desalination plants to strategic investors before the end of September 2023.
Intesa Sanpaolo is a prominent Italian banking group that offers a range of financial services to individuals and businesses. With a focus on digital and financial technology, the group has a significant international presence, with 5,200 branches and 20.2 million customers across 12 countries in Central and Eastern Europe, the Middle East, and North Africa.
