Barclays has initiated procedure to sell its Egyptian unit in which two banks operating in the Middle East & North Africa region have already manifested their interest, Reuters reported on July 19, citing sources close to the case.

The AIM-listed British group wishes to reduce its stake in its African branch, Barclays Africa, up to exiting the market. With subsidiaries in 12 African nations and more than 12 million customers, the group since the beginning of May, has already sold 1/5 of its stake in its African unit through a private placement.

Those interested in acquiring Barclays Egypt, which was estimated to $400 million, have been called to submit their bids by the end of August 2016. According to sources cited by Reuters, the National Bank of Dubaï (NDB) is one of them. The Emirati group which acquired in 2013 the Egyptian subsidiary of the French group BNP Paribas, has in this framework already hired New-York based consulting firm Perella Weinberg Partners.

Moroccan Attijariwafa is also planning to submit a bid for Barclays Egypt. Morocco’s leading bank by assets chose UBS to be its consultant for the operation.