{"id":581153,"date":"2023-02-21T00:00:00","date_gmt":"2023-02-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/italys-intesa-sanpaolo-in-talks-with-egyptian-govt-to-acquire-the-rest-of-alexbank\/"},"modified":"2023-02-21T00:00:00","modified_gmt":"2023-02-21T00:00:00","slug":"italys-intesa-sanpaolo-in-talks-with-egyptian-govt-to-acquire-the-rest-of-alexbank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/italys-intesa-sanpaolo-in-talks-with-egyptian-govt-to-acquire-the-rest-of-alexbank\/","title":{"rendered":"Italy\u2019s Intesa Sanpaolo in talks with Egyptian gov\u2019t to acquire the rest of Alexbank"},"content":{"rendered":"

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<\/span>Italy\u2019s Intesa Sanpaolo could soon own all of Alexbank:<\/span> Italy\u2019s Intesa <\/span>Sanpaolo is in advanced talks with the government to acquire the remaining 20% of the Bank of <\/span>Alexandria (Alexbank) it doesn\u2019t own, a government source with first-hand knowledge of the potential sale told Enterprise yesterday. The Italian lender has been the majority shareholder of Alexbank since 2006 when it purchased 80% of its shares from the government in a major <\/span>USD 1.6 bn<\/span> acquisition. <\/span><\/p>\n

The transaction would make it easier for the state to exit its stakes in three other banks that it has earmarked <\/span>for privatization:<\/span> <\/span>Banque du Caire (BdC)<\/a><\/span>,<\/span> Arab <\/span>African International Bank (AAIB), and <\/span>United Bank<\/a><\/span> are on the list of 32 names the state has identified as near-term priorities for privatization. BdC has been in the government\u2019s IPO plans for years while United Bank has been rumored to be subject to a takeover bid by the <\/span>Saudi wealth fund<\/a><\/span> and <\/span>Saudi financial institutions<\/a><\/span>. <\/span>AAIB, a well-respected full-service bank with a leading corporate franchise, was run for years by Central Bank of Egypt Governor Hassan Abdalla before he entered government service.<\/span><\/p>\n

A potential sale was telegraphed by the EGX last month:<\/span> The lender was absent from the <\/span>list of 32 state-owned companies<\/a><\/span> recently put forward by the government for privatization though it was <\/span>named by the EGX<\/a><\/span> in January as being in the pipeline of forthcoming offerings. <\/span><\/p>\n

There\u2019s just one hurdle:<\/span> An Egyptian court will need to rule on a long-standing legal challenge <\/span>against the original sale to Intesa before a takeover can go through, two sources <\/span>told Reuters<\/a><\/span> yesterday. The Egyptian Center for Transparency <\/span>mounted a legal challenge<\/a><\/span> against the sale <\/span>over a decade ago<\/a><\/span>, claiming that the government had agreed to sell the stake at a price below the bank\u2019s market value. <\/span><\/p>\n

The courts cleared a legal barrier to the sale just last month <\/span>then the Supreme <\/span>Constitutional Court (SCC) voted to <\/span>uphold a law<\/a><\/span> passed in 2014 that prohibits third-party lawsuits against contracts between the state and investors. The law was originally conceived to prevent outside legal challenges to the government\u2019s privatization agenda. <\/span><\/p>\n

A decision before the end of the week? <\/span>The SCC\u2019s ruling will now allow decisions to be made <\/span>on a number of outstanding cases, including the sale of Alexbank to Intesa. One of Reuters\u2019 sources said that the court could make a decision as early as 25 February while a separate legal source said that the challenge to the sale would likely now be dismissed. <\/span><\/p>\n

By the numbers: Alexbank\u2019s bottomline grew 21% y-o-y to EGP 834.5 mn in 3Q 2022<\/span>, <\/span>supported by<\/span> rising net interest income <\/span>and hig<\/span>her revenues from fees and commission<\/span>, according to the bank\u2019s most recent <\/span>financial statement (pdf<\/a><\/span>)<\/a><\/span>.<\/span><\/p>\n

REMEMBER- <\/span>The privatization push is part of the country\u2019s new <\/span>state ownership policy<\/a><\/span>, which <\/span>outlines how the government intends to more than double the private sector\u2019s role in the economy to 65% and attract USD 40 bn in private investment by 2026. The government says it will reduce its involvement in a number of sectors via public share offerings, stake sales to strategic investors, and expanding public-private partnerships.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Italian lender has been the majority shareholder of Alexbank since 2006<\/p>\n","protected":false},"author":1,"featured_media":581154,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[1139,204,72,5939,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-alexbank","tag-banking","tag-enterpriseam","tag-intesa-sanpaolo","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"0ce364e6-91d8-4ac0-82e8-df49ed1d8f12","order":"0","is_powered_by":false,"section_story_id":"b06a0284-c947-4e3f-8313-e1da59e2ce84","story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/Alexbank-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581147],"teaser":"The Italian lender has been the majority shareholder of Alexbank since 2006","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.8ec7611c-dbb2-4949-becf-303a60c57d10.mp3"},"yoast_head":"\nItaly\u2019s Intesa Sanpaolo in talks with Egyptian gov\u2019t to acquire the rest of Alexbank - 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The agreement brings Intesa\u2019s stake in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":588621,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/finmin-wants-advisors-for-alexbank-stake-sale-report\/","url_meta":{"origin":581153,"position":2},"title":"FinMin wants advisors for Alexbank stake sale -report","author":"enterpriseam admin","date":"14 June 2023","format":false,"excerpt":"FinMin invited local and int\u2019l banks to pitch for the advisory role, Reuters reports","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/686.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":684614,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/is-egypt-looking-to-exit-its-stake-in-alexbank-via-ipo\/","url_meta":{"origin":581153,"position":3},"title":"Is Egypt looking to exit its stake in AlexBank via IPO?","author":"enterpriseam admin","date":"28 January 2026","format":false,"excerpt":"FinMin is targeting proceeds of USD 625-700 mn from the sale, sources tell us","rel":"","context":"In "The Big Story Today"","block_context":{"text":"The Big Story Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-big-story-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654526,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/04\/alexbank-brings-in-new-ceo-and-deputy-ceo\/","url_meta":{"origin":581153,"position":4},"title":"Alexbank brings in new CEO and deputy CEO","author":"enterpriseam admin","date":"4 November 2024","format":false,"excerpt":"Alexbank appointed Paolo Vivona as CEO and Antonio Bergalio as deputy CEO","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/165.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581122,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/this-evening-italys-intesa-sanpaolo-wants-to-become-the-sole-owner-of-alexbank-biden-makes-surprise-visit-to-ukraine\/","url_meta":{"origin":581153,"position":5},"title":"THIS EVENING: Italy\u2019s Intesa Sanpaolo wants to become the sole owner of Alexbank + Biden makes surprise visit to Ukraine","author":"enterpriseam admin","date":"20 February 2023","format":false,"excerpt":"Happy Monday, wonderful people. It\u2019s relatively calm on the news front here at home so far, but we have a creeping suspicion that won't be the case over the next few days.THE BIG STORY TODAY-Italy\u2019s Intesa Sanpaolo could soon own all of Alexbank: Italian bank Intesa Sanpaolo, which owns 80%\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581153"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581153\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581154"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581153"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581153"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}