Egypt to rule in case over Intesa Sanpaolo's local unit soon

Updated 2/21/2023 9:33:00 AM
Egypt to rule in case over Intesa Sanpaolo's local unit soon

Arab Finance: An Egyptian court will soon rule on a case centered on the sale of AlexBank to Italy's Intesa Sanpaolo in 2006, two sources told Reuters on February 20th.

The move will possibly pave the way for the government to sell its remaining 20% stake in AlexBank, the sources added.

In 2006, Egypt, in a major privatization deal, sold 80% of AlexBank for $1.6 billion to Sanpaolo IMI, which the following year merged with Banca Intesa to create what is now Italy's largest banking group.

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