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Attijariwafa Bank to buy Barclays Bank Egypt

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Attijariwafa Bank to buy Barclays Bank Egypt

Barclays BankPlc agreed to sell its retail and corporate banking business inEgypt to Attijariwafa BankSA, in a transaction expected to reduce the former's risk-weightedassets by approximately £2 billion.

The transaction is projected to increase Barclays Bank'scommon equity Tier 1 ratio by about 10 basis points on completion, pro forma asof June 30.

Barclays BankEgypt (SAE) has approximately 1,500 employees and 56 branches,Barclays Plc said,without disclosing the financial terms of the deal. Completion is expected bythe end of 2016, subject to regulatory approvals.

Emirates NBDBank PJSC had also reportedly submitted a bid for Barclays Plc's Egyptian unit.