{"id":588621,"date":"2023-06-14T00:00:00","date_gmt":"2023-06-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/finmin-wants-advisors-for-alexbank-stake-sale-report\/"},"modified":"2023-06-14T00:00:00","modified_gmt":"2023-06-14T00:00:00","slug":"finmin-wants-advisors-for-alexbank-stake-sale-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/finmin-wants-advisors-for-alexbank-stake-sale-report\/","title":{"rendered":"FinMin wants advisors for Alexbank stake sale -report"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">FinMin is hiring for the Alexbank transaction:<\/span><span style=\"\">The Finance Ministry has invited loca<\/span><span>l and international banks to pitch for an advisory role o<\/span><span>n the sale of its 20% stake in Bank of Alexandria (Alexbank), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/article\/alexbank-ma-idAFL1N3850U2\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> reports quoting two sources it says are close to the matter. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span>Finance Minister Mohamed Maait <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78125f58-1f5e-47e2-8727-d878ce89ba5b\" style=\"\">in March said<\/a><\/span><span> the state was considering offloading its 20% stake in Alexbank, adding it to a long <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/063958e5-3b37-411f-b571-0cc550bc253e\" style=\"\">list of state-owned assets<\/a><\/span><span> that the government is looking to sell as part of its privatization program. Italy\u2019s Intesa Sanpaolo \u2014 which has been the majority shareholder of Alexbank since 2006 when it purchased 80% of its shares from the government for USD 1.6 bn\u2014 has been in talks with the government to purchase its remaining stake and become the bank\u2019s sole shareholder, a government source <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ce364e6-91d8-4ac0-82e8-df49ed1d8f12\" style=\"\">told Enterprise<\/a><\/span><span> in February. The EGX also earmarked Alexbank for a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ce364e6-91d8-4ac0-82e8-df49ed1d8f12\" style=\"\">potential offering<\/a><\/span><span style=\"font-weight:400;\"> at the start of the year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There may still be a legal hurdle to clear: <\/span><span>Sources told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/egypt-court-rule-soon-case-over-intesas-local-unit-sources-2023-02-20\/\" style=\"\">Reuters<\/a><\/span><span> in February that a<\/span><span style=\"font-weight:400;\">n Egyptian court would need to rule on a long-standing legal challenge against the original stake sale to Intesa before a takeover could go through. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Alexbank sale could help get the ball rolling for other state-owned lenders: <\/span><span>The Madbouly government is also looking to exit its stakes in Banque du Caire, Arab African International Bank, and United Bank. Officials <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66f8d117-cb48-4c9b-9a8a-8e297bbcf2f4\" style=\"\">have indicated<\/a><\/span><span> that they prefer strategic partners to come onboard before potentially offering the three banks on the public market. CI Capital and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11cbc1b8-2f94-4e36-ba9b-336207272b2f\" style=\"\">Barclays<\/a><\/span><span>, <\/span><span>the financial advisors on the United Bank sale, are reportedly lining up a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3702d89-d4b1-469c-a826-ea626bbeab57\" style=\"\">promotional roadshow<\/a><\/span><span>for the transaction that will target Kuwait, Qatar, Oman and the UAE, after talks with Saudi wealth fund PIF were said to have <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37a6e355-5a16-4b3f-b6b0-617d4ccf7f96\" style=\"\">stalled<\/a><\/span><span style=\"font-weight:400;\">over a disagreement on valuation. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember: <\/span><span>The Madbouly government wants to sell USD 2 bn of assets before the end of this month. It has so far raised some USD 153 mn by selling off <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed56889d-d8c0-4a89-9303-43c67d4e8f53\" style=\"\">Pachin<\/a><\/span><span> and a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/053a8175-6db9-4185-ab3d-520dc017ac28\" style=\"\">10% stake<\/a><\/span><span style=\"font-weight:400;\"> in Telecom Egypt.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FinMin invited local and int\u2019l banks to pitch for the advisory role, Reuters reports<\/p>\n","protected":false},"author":1,"featured_media":588622,"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":[1139,204,72,276,5939,81,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-alexbank","tag-banking","tag-enterpriseam","tag-finance-ministry","tag-intesa-sanpaolo","tag-privatization-watch","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"36c5215a-1746-4308-8523-6b35d181f175","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/686.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s Finance Ministry searches for advisors to help sell its 20% stake in Alexbank -report","related_issue":[588616],"teaser":"FinMin invited local and int\u2019l banks to pitch for the advisory role, Reuters reports","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.31630e65-a222-4efc-9aa3-0de186a7bf69.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinMin wants advisors for Alexbank stake sale -report - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/finmin-wants-advisors-for-alexbank-stake-sale-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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us","rel":"","context":"In &quot;The Big Story Today&quot;","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":581153,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/italys-intesa-sanpaolo-in-talks-with-egyptian-govt-to-acquire-the-rest-of-alexbank\/","url_meta":{"origin":588621,"position":1},"title":"Italy\u2019s Intesa Sanpaolo in talks with Egyptian gov\u2019t to acquire the rest of Alexbank","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"The Italian lender has been the majority shareholder of Alexbank since 2006","rel":"","context":"In 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&quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Banque-du-Caire-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574871,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/intesa-sanpaolo-buys-back-ifcs-stake-in-alexbank\/","url_meta":{"origin":588621,"position":3},"title":"Intesa Sanpaolo buys back IFC\u2019s stake in Alexbank","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"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\u2019s parent, Italian banking group Intesa Sanpaolo, in a USD 161 mn transaction, the local press reports, quoting unnamed sources. The agreement brings Intesa\u2019s stake in\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":618559,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/alexbanks-net-income-rises-76-y-o-y-to-egp-5-bn-in-2023-plus-next-fiscal-years-draft-budget-goes-up-for-discussion-in-the-house-next-week\/","url_meta":{"origin":588621,"position":4},"title":"Alexbank\u2019s net income rises 76% y-o-y to EGP 5 bn in 2023. PLUS: Next fiscal year\u2019s draft budget goes up for discussion in the House next week","author":"enterpriseam admin","date":"16 April 2024","format":false,"excerpt":"The government is currently working to offload its 20% stake in Alexbank","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1004.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569419,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/alexbank-signs-usd-100-mn-agreement-with-ebrd-to-finance-smes\/","url_meta":{"origin":588621,"position":5},"title":"Alexbank signs USD 100 mn agreement with EBRD to finance SMEs","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"Alexbank lands USD 100 mn EBRD loan for SME finance: Alexbank\u00a0has signed a cooperation agreement worth USD 100 mn with the European Bank for Reconstruction and Development (EBRD) to finance SMEs, the local press reports. 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