Privatising the government’s 80% stake in Egypt’s third largest bank by assets, Bank of Alexandria (BoA), has created renewed interest among foreign investors who are keen to tap into the opportunities that the market presents; the Cairo financial community is convinced that BoA’s sale to an Italian bank signalled that the sector’s long-awaited clean-up had finally arrived.
Following Sanpaolo IMI’s takeover of BoA, another 15% is to be floated in an initial public offering (IPO) on the Cairo & Alexandria Stock Exchange (CASE), scheduled for October/ November 2007, and 5% goes to the bank’s employees.
