Barclays Sells Egypt Banking Business to Morocco's Attijariwafa Bank.
M2 EQUITYBITES-October 7, 2016-Barclays Sells Egypt Banking Business to Morocco's Attijariwafa Bank
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7 October 2016 - UK-based financial services firm Barclays Bank plc (NYSE: BCS) has agreed to sell its retail and corporate banking business in Egypt to Moroccan FI Attijariwafa Bank S.A., the company said.
The transaction is estimated to result in a proforma Common Equity Tier 1 ratio benefit of c.10bps on completion, in part reflecting an expected reduction in risk weighted assets of approximately GBP 2bn.
This proforma is calculated as at 30 June 2016, and does not reflect factors affecting the group's CET1 ratio since 30 June 2016.
Barclays Bank Egypt has approximately 1,500 employees and 56 branches.
Completion is subject to regulatory approvals, and is currently expected to occur by the end of 2016.
Barclays operates in over 40 countries and employs approximately 130,000 people.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 7, 2016|
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