Intesa Sanpaolo in talks with Egypt gov’t to buy remaining 20% stake in ALEXBANK

Intesa Sanpaolo Group, the leading European bank and owner of 80 percent stake in AlexBank in Egypt, has started preliminary talks with the government for a possible purchase of the remaining stake, which is owned by the state, said its head of International Subsidiary Banks.

Marco Rottigni made the announcement during a press conference held in Milan, Italy, attended by group leaders and international branch managers.

The Italian group praised its investments in ALEXBANK, describing it as one of the best among its investments worldwide, which explains the confirmed interest of the Group in the Egyptian market.

It expressed its appetite for the segment of small and medium-sized enterprises in Egypt.