Barclays Bank has agreed to sell its retail and corporate banking business in Egypt to Attijariwafa Bank, Morocco's largest bank by assets, the UK lender announced Tuesday. "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." Jes Staley, Barclays Group CEO, said "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." 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. "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." Halla Sakr, Managing Director of Barclays Bank Egypt, said. "The Egyptian economy and banking sector offer significant growth prospects in the medium and long term. Barclays Bank Egypt, thanks to its positioning, highly talented management and motivated workforce, strong capitalization and clean balance sheet is the ideal platform to roll out Attijariwafa bank's universal banking model in Egypt. This transaction will allow Attijariwafa bank to contribute to further economic integration between Egypt and our countries of presence in Maghreb, Western and Central Africa. It will also offer Attijariwafa bank a unique opportunity for further development in the Middle East and Eastern Africa" Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank.
