Morocco’s Attijariwafa Bank will announce on Sunday the details of the acquisition deal of Barclays-Egypt, as well as the bank’s business plan in the Egyptian market.
The Moroccan bank and Barclays Bank PLC signed on 4 October 2016 an acquisition deal of 100% of the capital of Barclays Bank-Egypt after obtaining all the necessary regulatory approvals.
On Tuesday, the Egyptian Exchange (EGX) announced the sale of 9,951,000 shares of Barclays-Egypt to Attijariwafa Bank for $494.997m.
According to a statement issued by the Moroccan side, a copy of which was obtained by Daily News Egypt, this strategic operation allows Attijariwafa to strengthen its geographical presence in North Africa and that it represents an important milestone for its development in the Middle East and East Africa.
This acquisition also favours the development of economic exchange between Egypt and Morocco on the one hand, and between Egypt and other countries with the group’s presence on the other, according to the statement.
“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-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,” the statement read.
Attijariwafa said that the Egyptian market has multiple advantages; its geo-strategic location, demographic dynamism, and great potential for banking make it a market with favourable prospects for development.
It added that the acquisition of Barclays-Egypt strengthens its plan to expand in Egypt through a well-known bank covering the universal banking businesses, and benefiting from high-quality human capital and strong assets.
The Moroccan bank aims to introduce a new banking model in the Egyptian market, targeting micro and small and medium-sized enterprises (SMEs).
The bank has a business plan that ensures reaching these categories through the expansion of its branch network and technological applications, as well as the development of banking products and services that are commensurate with their needs.
Attijariwafa Bank’s headquarters are based in Morocco, and the bank operates in 25 countries through majority-controlled subsidiaries.
The bank’s branches in Africa are located in Tunisia, Mauritania, Senegal, Burkina Faso, Guinea Bissau, Mali, Côte d’Ivoire, Congo, Gabon, Cameroon, Togo, Benin, and Niger.
In Europe, the bank has branches in France, Belgium, Germany, Italy, Spain, and the Netherlands. It is also present through representative offices in London, Geneva, Montreal, Abu Dhabi, Dubai, Tripoli, and Riyadh.
The bank has more than 17,600 employees and 3,972 branches, and it manages a portfolio of nearly 8.4 million customers.
It works through its subsidiaries specialised in the following financial sectors: insurance, mortgage loans, consumer credit, leasing, asset management, stock brokerage, private banking, financial advisory, and long-term leasing.
According to the bank’s latest figures at the end of 2016, it achieved profits of about $1.951bn, with a net profit of $560.687m.
The bank’s consolidated shareholders’ equity amounted to about $4.702bn, with a total consolidated balance sheet of about $42.525bn.
Barclays is a major global financial service provider engaged in retail and commercial banking, credit cards, investment banking, wealth management, and investment management services. The bank has an extensive international presence in Europe, the US, Africa, and Asia. Barclays operates in over 50 countries and employs over 130,000 employees.
Barclays Bank-Egypt has 150 years of experience in financial services and now operates through a wide network of 56 branches and 72 ATMs, covering almost all Egyptian governorates. Its 1,500 employees serve over 180,000 customers nationwide.
Source: Daily News Egypt
