Barclays Bank PLC has agreed to sell its retail and corporate banking business in Egypt to the Moroccan Attijariwafa Bank.
The sales finalisation is subject to regulatory approvals, and is currently expected to take place by the end of 2016.
Jes Staley, the CEO of Barclays Group, was recorded saying: “I am pleased to be announcing further reduction in our ‘non-core’ business. Today’s announcement demonstrates our continued focus on improving the group’s returns and our ability to execute our strategy quickly.”
Managing Director Halla Sakr stated: “Our primary focus at Barclays Egypt Management is to ensure that the transition to Attijariwafa Bank is seamless and smooth. The strong interest in Barclays Egypt is a testament to the high quality of our business portfolio and talent. We will remain committed to fully servicing our clients and customers. All Barclays employees will diligently manage the integration process until its completion.”
Barclays Bank Egypt at present has approximately 1,500 employees and 56 branches.