Morocco’s Attijariwafa Bank Completes Acquisition of Barclays Egypt

Morocco’s Attijariwafa Bank obtained on May 3 the regulatory approval to acquire the Egyptian branch of Barclays which has shifted towards focusing its activity on the US and Britain.

Attijariwafa Bank has finally obtained all regulatory requirements to acquire 100% of Barclays Egypt capital after an agreement was signed by the two banks in October last year.

As part of a retreat from Africa, Barclays has sold about one-fifth of its stake in Johannesburg-based Barclays Africa Group Ltd. in the market earlier this year, leaving it with just over 50 percent, and has also closed offices in seven countries in Asia.

Barclays Egypt dates back to 1864 and is aimed mainly at retail banking. It employs 1,500 people and has 56 branches in cities including Cairo, Giza and Alexandria.

With the acquisition of Barclays Egypt’s unit, Attijariwafa Bank sets foot in a promising banking market and reinforces its presence in North Africa. Officials from the Moroccan bank said previously that their operations in Egypt would be a bridge towards an extension to east Africa, notably Kenya and Ethiopia.

Attijariwafa Bank, which has been named best Moroccan bank in 2016 by the Financial Times, operates in at least 23 countries including Tunisia, Niger, Gabon and Cameroon.