Barclays has completed the sale of its Retail and Corporate Banking business in Egypt (“Barclays Bank Egypt”) to Attijariwafa Bank S.A.
The transaction increases proforma Common Equity Tier 1 (CET1) ratio by c.10bps on closing, in part reflecting a reduction in risk weighted assets of c.£1.0bn.
All of Barclays Bank Egypt’s 1,500 employees and 56 branches will become part of Attijariwafa Bank S.A.
Jes Staley, Barclays Group CEO, said: "Today’s announcement brings us another step closer to completing the restructuring of Barclays, maintaining momentum as we work toward the closure of Barclays Non-Core at the end of June.
"I would like to thank our colleagues in Egypt who have worked tirelessly to ensure a smooth transition for our customers, and I wish them well in their future with Attijarawafa Bank S.A.”
“Barclays remains committed to its Middle East and North Africa business as we continue to strengthen our franchise in the region.”