Attijariwafa bank group acquires 100% of Barclays Egypt
In accordance with the agreement between Attijariwafa bank and Barclays Bank signed on October 4, 2016, the acquisition by Attijariwafa bank of 100% of the capital of Barclays Bank Egypt was finalized last Wednesday after obtaining all the necessary regulatory approvals, the bank announced in a press conference.
This strategic operation allows Attijariwafa bank Group to strengthen its geographical presence in North Africa and represents an important milestone for its development in the Middle East and East Africa.
It is worth mentioning that this acquisition is considered a strategic milestone in the history of two of the largest banking institutions. Remarkable efforts have been exerted to ensure the success of the acquisition and integration process. Barclays Bank Egypt commits to the strong partnership it had built with its customers over the years and will continue to deliver the best and most special services to its customers.
This acquisition also favors the development of economic exchange between Egypt and Morocco on the one hand and between Egypt and the Group’s other countries of presence on the other.
The Egyptian market has multiple assets: its geo-strategic positioning, its demographic dynamism and its great potential for banking make it a market with favorable prospects for development.
The acquisition of Barclays Bank Egypt strengthens Attijariwafa bank’s choice of establishing a presence in Egypt through a well-known bank covering the universal banking businesses, and benefiting from high-quality human capital and strong assets.
Attijariwafa bank aims to make a significant contribution to financial inclusion in Egypt and to its economic development by leveraging its skills and assets, in particular for the benefit of SME’s and the middle class by deploying its distinctive distribution model and technology, considered world class.
In this regard, Attijariwafa bank intends to capitalize on its complete offering and expertise, covering all banking and other financial business lines; developed over years of experience.