Egypt’s central bank is confident that the privatization of Bank of Alexandria will be completed by the end of the year. It will be the first time that one of Egypt’s big state-owned lenders will be sold, according to officials at the central bank. The sale is crucial to furthering the banking industry’s reform process.
“The sale is very important, “says Tarek Amer, deputy governor at the central bank.
“It will be a new milestone in Egypt.”
The government plans to sell between 75% and 80% of the bank to a strategic investor through lead adviser Citigroup.
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