Cairo - Barclays Bank PLC (“Barclays”) has today agreed to sell its Retail and Corporate Banking business in Egypt (“Barclays Bank Egypt”) to Attijariwafa Bank S.A.
Barclays Bank Egypt has approximately 1500 employees and 56 branches. Completion is subject to, among other things, regulatory approvals, and is currently expected to occur by the end of 2016.
Jes Staley, Barclays Group CEO, said “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.”
“I want to take this opportunity to thank our colleagues in Egypt. It is their hard work, professionalism and strong customer and client relationships that have made this business so attractive to Attijariwafa Bank.”
Halla Sakr, Managing Director, Barclays Bank Egypt commented “Upon reaching this important milestone, our primary focus as 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 remain committed to fully servicing our clients and customers. All Barclays employees will be diligently looking after the integration process towards an efficient completion.”
About Barclays
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.home.barclays .
© Press Release 2016
