Egypt to offer 20 pct of Bank of Alexandria on bourse

Daily Star Egypt Staff
1 Min Read

CAIRO: Egypt will sell 20 percent of Bank of Alexandria on the stock exchange, 5 percent to employees and the rest to a strategic investor, the bank s head said in remarks published on Sunday. Mahmoud Abd Ellatif, Bank of Alexandria chairman, told Al Alam Al Youm newspaper, large investors would within two weeks be invited to present their technical and financial offers. Abd Ellatif said in January that Bank of Alexandria would be offered for sale at the start of February and the deal would be completed by June. He previously said the sale would involve a strategic investor and a sale of shares on the stock exchange, but had not given details. Bank of Alexandria is the smallest of Egypt s four main state-owned banks. The government has said it will merge two of the four as part of a program to streamline the banking sector. Reuters

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