Barclays has agreed to sell its Retail and Corporate Banking business in Egypt to Attijariwafa Bank S.A.
The transaction is estimated to result in a proforma Common Equity Tier 1 (CET1) ratio benefit of c.10bps on completion, in part reflecting an expected reduction in risk weighted assets of approximately £2bn.This proforma is calculated as at 30 June 2016, and does not reflect factors affecting the Group’s CET1 ratio since 30 June 2016.
Barclays Bank Egypt has approximately 1,500 employees and 56 branches. Completion is subject to regulatory approvals, and is currently expected to occur by the end of 2016.
Jes Staley, Barclays Group CEO, said: “I am pleased to announce a 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.
“I want to take this opportunity to thank our colleagues in Egypt. It is their hard work, professionalism and strong customer and client relationships that have made this business so attractive to Attijariwafa Bank.”
Barclays' Q3 2016 results announcement will be published on 27 October 2016.