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Barclays moves to offload operations in Egypt

Published 04/10/2016

Barclays boss Jes Staley paid tribute to the staff working in Egypt
Barclays boss Jes Staley paid tribute to the staff working in Egypt

Barclays has offloaded its Egyptian operations to Attijariwafa Bank for price tag understood to be in the region of 500 million US dollars (£392m).

The lender said on Tuesday that its retail and corporate banking operation in the country, which trades as Barclays Bank Egypt, will be sold as part of its drive to shed non-core assets.

The profitable business consists of 1,500 employees and 56 branches.

Boss Jes Staley said: "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."

The deal is subject to regulatory approvals and is expected to complete by the end of the year.

The move is part of the lender's strategy of focusing on its core UK and US banking operations by closing or selling its hinterland businesses.

The overhaul has seen the lender sell its Barclaycard credit card operations in Spain and Portugal to Bancopopular-e and sell down its 62.3% stake in Barclays Africa.

In August, the bank also sold its risk analytics and index unit to Bloomberg for about £615 million.

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