Attijariwafa Bank acquisition of Barclays Bank Egypt

Overview:

• Moroccan Attijariwafa Bank announced that it intends to acquire the Egyptian retail and corporate banking assets of Barclays Bank. 
• The fee has not yet been finalised, but according to Bloomberg it is likely to be over $500 million when it closes later this year following regulatory approval.
• The sale is an attempt by the bank to dispose of unwanted assets as it looks to reduce its global operations, particularly in Africa. 
• Barclays Bank Egypt has 56 branches across 18 cities in Egypt and 1500 employees. 
• This is the first time a Moroccan bank has purchased an Egyptian bank of this size, and is part of a wider expansion project continent-wide. 

John Crabb - Journalist