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Attijariwafa bank and Barclays Bank PLC announced that they have signed in Cairo an agreement whereby Attijariwafa bank will acquire 100% of the share capital of Barclays Bank Egypt from Barclays Bank PLC, subject to regulatory approvals from, among others, the Central Bank of Egypt and Central Bank of Morocco.

 

Barclays Bank Egypt, headquartered in Cairo, is present in 18 Egyptian cities with 56 branches and 1,500 employees. It posted net banking income of EGP 1,517 million and net income of EGP 606 million in 2015. Its total assets and shareholders’ equity amounted EGP 20.2 billion and EGP 3.4 billion respectively as of 31 December 2015.

Mr Mohamed El Kettani, Chairman and CEO of Attijariwafa bank 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”.

 

Attijariwafa bank was advised by UBS Investment Bank, Attijari Finances Corp., Naciri & Associés Allen & Overy, Sharkawy&Sarhan Law Firm and Mazars.