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Barclays sells Egyptian business to Morocco's Attijariwafa Bank Barclays sells Egyptian business to Morocco's Attijariwafa Bank
(35 minutes later)
Barclays has completed the sale of its Egyptian business to Morocco’s Attijariwafa Bank as part of its shift towards focusing on the United States and Britain. Barclays has completed the sale of its Egyptian business to Morocco’s Attijariwafa Bank as part of its shift towards focusing on the US and Britain.
The sale will mean a cut of about £2bn in Barclays’ risk-weighted assets, boosting the bank’s core capital ratio by about 0.1%.The sale will mean a cut of about £2bn in Barclays’ risk-weighted assets, boosting the bank’s core capital ratio by about 0.1%.
Barclays did not give a price for the transaction, although sources previously told Reuters they valued the business at around $400m (£313m). Barclays did not give a price for the transaction, although sources previously told Reuters they valued the business at about $400m (£313m).
The London-based lender is seeking to sell its African operations as part of a plan by chief executive, Jes Staley, to simplify its structure and improve shareholder returns. The London-based lender is looking to sell its African operations as part of a plan by the chief executive, Jes Staley, to simplify its structure and improve shareholder returns.
However, attempts to sell the African businesses as one have come up against difficulties, including the disparate nature of the local units, the biggest of which is Barclays Africa Group, mainly made up of former South African bank Absa.However, attempts to sell the African businesses as one have come up against difficulties, including the disparate nature of the local units, the biggest of which is Barclays Africa Group, mainly made up of former South African bank Absa.
Barclays successfully sold 12% of its holding in the South African bank in May, but talks to sell a bigger holding in the business have so far not yielded a deal. Barclays successfully sold 12% of its holding in the South African bank in May, but talks to sell a bigger holding have so far not yielded a deal.
Former Barclays chief executive Bob Diamond’s bid to buy Barclays Africa Group as part of a consortium was dealt a blow by the withdrawal of Carlyle Group earlier this year.Former Barclays chief executive Bob Diamond’s bid to buy Barclays Africa Group as part of a consortium was dealt a blow by the withdrawal of Carlyle Group earlier this year.
Reuters reported Attijariwafa’s interest in March, as the Moroccan lender’s general manager told Reuters he planned to expand in Egypt. Attijariwafa’s interest was reported in March, as the Moroccan lender’s general manager told Reuters he planned to expand in Egypt.
Barclays shares closed up 0.6% at 169p, in line with an increase in the broader STOXX European banks index. Barclays shares closed up 0.6% at 169p, in line with an increase in the broader Stoxx European banks index.