Intesa Sanpaolo buys back IFC’s stake in Alexbank

M&A WATCH- IFC offloads 9.75% stake in Alexbank: The International Finance Corporation has sold its 9.75% stake in Bank of Alexandria (Alexbank) to the bank’s parent, Italian banking group Intesa Sanpaolo, in a USD 161 mn transaction, the local press reports, quoting unnamed sources. The agreement brings Intesa’s stake in Alexbank back to 80% — the same stake it had bought in a 2006 transaction that made it Alexbank’s largest shareholder as the institution was privatized. Intesa had later sold a 9.75% stake to the IFC, which it is now buying back.