Barclays Bank-Egypt will change its brand name to be “Attijariwafa Bank-Egypt” in November, according to the managing director of Barclays-Egypt, Hala Sakr.
She said that Attijariwafa Bank has completed the restructure of its five-year expansion strategy in the Egyptian market, noting that the bank aims to expand its credit portfolio, especially for small and medium enterprises (SMEs). In addition, the bank considers opening up more technology channels that will enhance the ease of financial transactions among bank customers to facilitate the inclusion of a new segment of customers for the bank and the banking sector.
The Moroccan Attijariwafa Bank has finalised an acquisition deal of 100% of the capital of Barclays Bank-Egypt last year, a total value of $400-500m.
CEO of the bank Mohamed El-Kettani said earlier that Attijariwafa aims to increase its market share in Egypt from 1-1.5% to 5% within five years, as well as launching new services in two years, such as leasing and insurance. Barclays Group has accomplished the transfer of ownership of its branch in Egypt to the Moroccan bank this year in the framework of the bank’s global plan to exit from a number of markets, particularly in Africa.