Attijariwafa Bank and Emirati NDB submit bids to acquire Barclays Egypt
Thursday, 08 September 2016 09:14
Morocco’s leading bank Attijariwafa Bank and Emirati National Bank of Dubai (NDB) were the only ones to submit bids to buy Barclays Egypt, Reuters reported on September 6, citing two sources close to the case.
Interested banks had until the end of August to submit bids to acquire Barclay’s Egyptian unit.
NDB, advised by Perella Weinberg Partners for the transaction, has been in Egypt since 2013 after it acquired BNP Paribas’ Egyptian unit.
Top Moroccan bank by assets, Attijariwafa Bank for its part picked UBS as advisor for the transaction.
Barclays Egypt has 56 offices and agencies in Egypt and about 127,000 clients. It was valued at around $400 million.
The transaction falls in a context where Barclays UK wishes to sell its African unit. With subsidiaries in 12 African nations and 12 million customers, the London-listed group has already sold, in May 2016, a fifth of its stake in Barclays Africa, via a private placement.
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