The proposed acquisition comes in line with Intesa Sanpaolo's plan to boost their investments in Egypt and expand in financing small and medium projects (SMEs).
Intesa Sanpaolo Group is considering the possible purchase of Alexbank’s remaining 20% stake owned by the government of Egypt.
The company started preliminary talks with the Egyptian government, according to local media citing Alexbank’s Head of International Subsidiary Banks Division, Marco Rottigni.
The proposed acquisition comes in line with Intesa Sanpaolo's plan to boost their investments in Egypt and expand in financing small and medium projects (SMEs).
The negotiation came within the scope of Egypt's offering stakes in 35 state-owned companies to strategic investors through 2024. This program has plans to raise $5 billion by June 2024.
Earlier in 2006, Egypt sold 80% of Alexbank for $1.6 billion to Sanpaolo IMI. In the following year, Sanpaolo IMI merged with Banca Intesa to create what is now Italy’s largest banking group, Intesa Sanpaolo.
Intesa Sanpaolo owns 80% of ALEXBANK after buying back in 2020 a 9.75% stake it had sold to International Finance Corporation in a deal that was reportedly valued at $161.8 million
