Egypt seeks to sell remaining stake in Alex Bank to Intesa

Egypt is in advanced negotiations to sell its remaining 20% stake in Alex Bank to Italy’s Intesa Sanpaolo SpA, marking the country’s first major asset sale since its currency devaluation in March, Bloomberg reports.

Intesa, which already owns 80% of the bank, will gain complete ownership through the agreement, a move that aligns with the Egyptian government’s plan to offer 32 assets across various sectors, including banking, energy, and real estate.

Egypt, the beneficiary of a $57 billion buyout led by the International Monetary Fund, is seeking as much as $2.5 billion in revenue from state asset sales by June 2025.