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Wednesday, 5 October 2016

Barclays to sell Egypt retail, corporate banking unit — FT.com

Barclays to sell Egypt retail, corporate banking unit — FT.com:

"Barclays has agreed to sell its Egyptian business to a Moroccan rival in a $500m deal that will allow it to slightly boost its capital levels while shedding £2bn of risk-weighted assets and 1,500 staff.

Attijariwafa Bank, one of the leading banks in Morocco, is buying all of Barclays’ operations in Egypt, having seen off competition from Saudi and Emirati competitors, reports Martin Arnold, Banking Editor.

Barclays, which is in the process of selling its much larger South African-listed subsidiary, has been looking to offload its Egyptian and Zimbabwean operations since deciding to cut back its African presence earlier this year."



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