Barclays Bank PLC has agreed to sell its banking business in Egypt to the Moroccan Attijariwafa Bank for $500 Million.
The sales finalisation is subject to regulatory approvals, and is currently expected to take place by the end of 2016.
Barclays Bank first established a presence in Egypt in 1864 and has approximately 1500 employees and 56 branches all biased towards retail and corporate banking business.
Jes Staley, the CEO of Barclays Group, said “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.”
