Egypt in talks to sell remaining 20% of Alexbank to Italian group Intesa Sanpaolo

Ahram Online , Thursday 21 Sep 2023

Intesa Sanpaolo Group has started preliminary talks with the Egyptian government for a possible purchase of Alexbank’s 20% remaining stake, said Marco Rottigni, head of the International Subsidiary Banks Division.

Alexbank. Bank s website.
Alexbank. Bank s website.


Intesa Sanpaolo plans to inject more investments in Egypt and expand in financing small and medium projects (SMEs).

The value of the group’s offer to Egypt or its intended investments were not revealed.

The reported negotiations come as Egypt is offering stakes in 35 state-owned companies to strategic investors through 2024. This program has collected $5 billion, with another $5 billion in deals in the pipeline.

In October 2006, Sanpaolo acquired 80 percent of Alexbank's issued capital.

In January 2007, Sanpaolo merged with the Banca Intesa to become Intesa Sanpaolo.

Alexbank's current total capital amounts to EGP 5 billion ($161.8 million).

Alexbank, which was established in 1957 as a state-owned commercial bank, operates 179 branches across the country, employs over 4,200 individuals, and serves a customer base of 1.6 million, according to the bank’s website.

Intesa Sanpaolo

The Intesa Sanpaolo Group is one of the top banking groups in Europe with 45.2 billion euros of market capitalization.

It is a leading bank in Italy in all business areas including retail, corporate, and wealth management.

The Intesa Sanpaolo Group offers its services to 13.6 million customers through a network of approximately 3,400 branches in the country.

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