Egypt in talks to sell remaining 20% stake in Alex Bank – Bloomberg

Egypt is poised to make a significant step in its economic reform agenda by selling its remaining stake in Alex Bank to Intesa Sanpaolo SpA. This would mark the North African nation’s first major asset sale since devaluing its currency in March.

The Italian lender, which already holds an 80 per cent stake in Alex Bank, is in advanced negotiations to acquire the remaining 20 per cent and take full ownership. This transaction is being closely watched by investors and the IMF as a sign of Egypt’s commitment to its state-divestment programme.

While the exact value of the deal is yet to be determined, it is expected to be lower than the $625 million Egypt raised from a stake sale last year. Intesa Sanpaolo declined to comment on the matter, and Egyptian officials could not be reached for a response.

Attribution: Bloomberg

Subediting: M. S. Salama