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[Egypt] Barclays Bank sells Egyptian subsidiary to Attijariwafa Bank of Morocco

[Egypt] Barclays Bank sells Egyptian subsidiary to Attijariwafa Bank of Morocco

 Barclays Bank PLC has announced plans of selling its Egyptian subsidiary to Attijariwafa Bank of Morocco in a deal that is to be finalized by end year following regulatory approvals.

“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, the CEO of Barclays Group said.

Managing Director Halla Sakr reiterated: “Our primary focus at 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 will remain committed to fully servicing our clients and customers. All Barclays employees will diligently manage the integration process until its completion.”

Barclays Bank Egypt at present has approximately 1,500 employees and 56 branches.

www.barclays.co.uk

www.attijariwafabank.com

 

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