{"id":684614,"date":"2026-01-28T00:00:00","date_gmt":"2026-01-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/is-egypt-looking-to-exit-its-stake-in-alexbank-via-ipo\/"},"modified":"2026-01-28T00:00:00","modified_gmt":"2026-01-28T00:00:00","slug":"is-egypt-looking-to-exit-its-stake-in-alexbank-via-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/is-egypt-looking-to-exit-its-stake-in-alexbank-via-ipo\/","title":{"rendered":"Is Egypt looking to exit its stake in AlexBank via IPO?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EXCLUSIVE<\/strong><strong>- <\/strong><strong>The<\/strong><strong> Finance Ministry <\/strong><strong>is exploring a possible<\/strong><strong> listing of its<\/strong><strong> 20% <\/strong><strong>stake in AlexBank on the EGX <\/strong><strong>as early as<\/strong><strong> this <\/strong><strong>year<\/strong> after talks to sell the stake to majority shareholder Intesa Sanpaolo stalled, a senior government official tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strategics are still welcome <\/strong><strong>to bid<\/strong><strong>: <\/strong>Intesa Sanpaolo, the high-profile Italian lender, already holds 80% of AlexBank and was the natural buyer for the government\u2019s stake. Talks reportedly fell through last year, and the state is now pivoting to the public market \u2014 though our source emphasizes that the \u201cdoor remains open\u201d to a strategic investor should a better offer materialize.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government thinks it could net <\/strong><strong>USD<\/strong><strong> 625-700 mn from the sale<\/strong> and would use the proceeds to narrow its financing gap and cut public debt, the source added. The asking price implies valuation of USD 3.1-3.5 bn for the lender \u2014 nearly double the USD 1.65 bn valuation implied when Intesa <a target=\"_blank\" href=\"https:\/\/www.alexbank.com\/en\/retail\/our-group\/media-and-news\/2020\/%D8%A7%D9%86%D8%AA%D9%8A%D8%B3%D8%A7-%D8%B3%D8%A7%D9%86-%D8%A8%D8%A7%D9%88%D9%84%D9%88-%D8%A7%D9%84%D8%A5%D9%8A%D8%B7%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%B1%D9%81%D8%B9-%D8%AD%D8%B5%D8%AA%D9%87%D8%A7-%D9%81%D9%8A-%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D9%89-80-.html\" style=\"\" rel=\"noopener\">bought the IFC\u2019s 9.8% stake<\/a> in 2020 for USD 162 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #1: Did Intesa Sanpaolo really walk away? <\/strong>The Italian lender seems to be rightly calculating that no strategic is going to make an offer for 20% of AlexBank. That raises the question of whether this is a serious move on the state\u2019s part \u2014 or a \u201clet\u2019s do a deal, guys\u201d tactic designed to bring the Italians back to the table. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #2: Can the market take two banks at once? <\/strong>On the one hand, investors are crying out for fresh paper in the EGX \u2014 and, if you\u2019re an institutional investor, for transactions large enough that you can write a meaningful ticket. An offering of AlexBank \u2014 by any measure a very well-run institution \u2014 would tick both boxes. But if this is a serious move and not a pressure tactic, the state will wait for Hussein Abaza\u2019s Banque du Caire to kickstart the IPO market when it goes public later this spring. A strong listing and a couple of months of solid performance in the aftermarket will provide lift for any other bank going to market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #3: At what price? <\/strong>We\u2019re wary of committing maths without a license \u2014 particularly before 5am \u2014 but at the midpoint of the implied valuation here, this looks like an implied 11x P\/E ratio for AlexBank. CIB, the EGX30 bellwether and proxy for the Egyptian economy, is going for what \u2026 a trailing P\/E of something like 6x? That makes AlexBank look expensive right now. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #4: What, if anything, does Intesa Sanpaolo\u2019s shareholder agreement say about all of this? <\/strong>Does the Italian lender have right of first refusal? Consent rights, that would allow it to block a transaction? <\/p>\n<p class=\"tag-border-left\"> In context<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, what does this all mean for the privatization program? <\/strong>Not a lot \u2014 not yet. BdC is still in the hopper \u2014 our source confirmed that, and we know that bankers have had BdC on the road to drum-up investor interest. Our source has also confirmed that (as we\u2019ve been saying all along) the Gabal El Zeit wind farm is *not* going to IPO. It\u2019s on the list of businesses the government will exit, but it\u2019s never made sense for a utility like this would be listed \u2014 it\u2019s a classic asset of interest to strategics and big infrastructure investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also still on the sale list: <\/strong>Our source also confirmed that two of the five military-owned companies in the privatization pipeline are going to be IPOing in the first big wave of offerings and could make their debuts as early as this year. Smart money is still on bottled water maker Safi and filling station play Wataneya, though the latter could be bundled with a related asset, we\u2019ve previously noted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The dilemma: <\/strong>The state is just as interested in selling to a strategic as it is in IPOs. But with minority stakes of 10-40% on offer, strategics will be less interested: They want control. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Progress here is critical to keeping the IMF happy <\/strong>\u2014 and to signal to the business community that officials are serious about seeing the private sector lead economic growth. As we\u2019ve previously reported, slow progress on the privatization program has long been a sticking point in relations with the IMF as we speed toward the wrap-up of our USD 8 bn assistance program this fall. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>FinMin is targeting proceeds of USD 625-700 mn from the sale, sources tell us<\/p>\n","protected":false},"author":1,"featured_media":684615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7335],"tags":[1139,8515,68,72,78,12389],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-684614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-alexbank","tag-capital-markers","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"78c55715-7f73-4bfd-ac29-055afcbf0b1e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/1\/1153.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Plan B for AlexBank?","related_issue":[684609],"teaser":"FinMin is targeting proceeds of USD 625-700 mn from the sale, sources tell us"},"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>Is Egypt looking to exit its stake in AlexBank via IPO? 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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":654526,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/04\/alexbank-brings-in-new-ceo-and-deputy-ceo\/","url_meta":{"origin":684614,"position":1},"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 &quot;Moves&quot;","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":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":684614,"position":2},"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 &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\/2023\/2\/Alexbank-1600.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":684614,"position":3},"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 &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","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":[]},{"id":588621,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/14\/finmin-wants-advisors-for-alexbank-stake-sale-report\/","url_meta":{"origin":684614,"position":4},"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 &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\/2023\/6\/686.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581152,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/italys-intesa-sanpaolo-in-talks-with-govt-to-acquire-the-rest-of-alexbank\/","url_meta":{"origin":684614,"position":5},"title":"Italy\u2019s Intesa Sanpaolo in talks with gov\u2019t to acquire the rest of Alexbank","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"","rel":"","context":"In &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\/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\/684614","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=684614"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/684614\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/684609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/684615"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=684614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=684614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=684614"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=684614"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=684614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}