CAIRO: The Egyptian government said on Tuesday it would announce an offering of 75 to 80 percent of Bank of Alexandria to a large investor by the end of March and then offer a further 15 to 20 percent of the bank to the public. The government said in a statement in Al-Ahram newspaper that a further 5 percent would be offered to employees of the bank, which is one of Egypt s four main state-owned banks. Shares would be offered to the public at the earliest possible opportunity after the completion of the sale to a strategic investor, the statement said. The offer to strategic investors would be made upon the preparation, review and auditing of the financial statements for the period July 1 to the end of February, it said. The government says it will merge another two of the four main state-owned banks as part of a program to streamline the banking sector. Reuters
Egypt to offer 75 to 80 percent of state bank by end of March
