Sanpaolo IMI won the auction for the Bank with a bid of US$1.6 billion, valuing the BoA at US$2 billion.
This privatisation is part of the new Egyptian government's programme to reform and develop the banking sector. A steering committee comprising representatives of the Central Bank of Egypt, the Ministry of Finance and the Ministry of Investment was formed to oversee the sale of the Bank. The committee reserved 5% of the equity in the Bank for employees the reminaing 15% was reserved for an IPO.
Mohamed Ghannam was the lead partner in the Baker & McKenzie Helmy, Hamza and Partners team. He was assisted by associates including Khaled Moussa, Ghada El Ehwany, Karim Youssef, Lamyaa Gadelhak and six litigation specialists.
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Baker & McKenzie advises Government of Egypt on first bank privatisation
- Egypt: Thursday, December 21 - 2006 at 16:41
- PRESS RELEASE
Baker & McKenzie has advised the Government of Egypt on the sale of an 80% stake in Egypt's state-owned Bank of Alexandria (BoA) to Italy's Sanpaolo IMI.
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Founded in 1949, Baker & McKenzie is a global law firm of more than 3,400 locally qualified, internationally experienced lawyers and 6,600 other professionals and staff in 70 offices in 38 countries. Global revenues for the fiscal year ended June 30, 2006 exceeded US $1.522 billion. John Conroy is Chairman of the Firm's Executive Committee.
Helmy, Hamza Baker & McKenzie is a member of Baker & McKenzie International, a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm.
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, December 21 - 2006 at 16:41 UAE local time (GMT+4)
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