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Bank of Alexandria (Alexbank)’s parent, Italian banking group Intesa Sanpaolo, has bought back the International Finance Corporation 9.75 percent stake in the bank in a $161 million transaction according to local press
The agreement brings Intesa’s stake in Alexbank back to 80 percent — the same stake it had bought in a 2006 transaction that made it Alexbank’s largest shareholder as the institution was privatized. Intesa had later sold a 9.75 percent stake to the IFC, which it is now buying back.
The negotiations have started a year ago with IFC favouring direct purchase than offering the stakes in the money market, the sources added
