Barclays to Sell Egyptian Banking Business for Undisclosed Sum
October 04 2016 - 11:24AM
Dow Jones News
By Tapan Panchal
LONDON--Barclays PLC (BARC.LN) said Tuesday that it has decided
to dispose of its Egyptian banking business as part of the lender's
program to reduce non-core businesses.
The U.K.-listed banking giant has agreed to sell its retail and
corporate banking business in Egypt to Moroccan banking firm
Attijariwafa Bank S.A. (ATW.CL). Barclays Bank Egypt has around
1,500 employees and 56 branches in the country.
Barclays expects the sale to benefit its common equity Tier 1
ratio by 10 basis points, reflecting an expected reduction of
roughly 2 billion pounds ($2.59 billion) in risk-weighted
assets.
No financial details of the deal were disclosed. The sale is
expected close by the end of the current year.
Shares of Barclays, around 1444 GMT, were trading 1.9% higher at
172 pence each.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
October 04, 2016 11:09 ET (15:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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