Italian banking group Intesa Sanpaolo is reportedly close to entering negotiations with the Egyptian government over its stake in Alex Bank.
Intesa Sanpaolo currently owns 80% of Alex Bank, while the Egyptian government owns 20%.
Sources added that this step came after the government started taking action towards increasing the private sector’s participation in the economy.
Alex Bank was rumored to have been included in the state’s list of 32 companies it plans on offering to the private sector, but it wasn’t.
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