Citigroup takes AlexBank advisory

15 July 2005
Citigrouphas been awarded the mandate to advise on the sale of Bank of Alexandria, the country's fourth largest state-owned bank. The adviser will carry out a review of the bank's operations and recommend a strategy for the sale. Bank of Alexandria holds about 6.2 per cent of the deposits in the country's banking system, total assets of about $6,440 million and a net worth of $268 million.

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).

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