Citigroup was one of three banks shortlisted for the contract out of eight bids that were submitted in May. The other shortlisted banks were Deutsche Bankand JP Morgan.

The bank will be the first major institution to be sold off under the government’s relaunched privatisation programme and is being seen as a test case for the programme. Investment Minister Mahmoud Mohieldin announced recently that following the Alex Bank sale, he will seek to privatise Banque du Caire(MEED 22:4:05).