Barclays has completed the sale of its retail and corporate banking business in Egypt to Morocco’s Attijariwafa Bank for $400m.
The Egyptian business of Barclays employs 1500 staff and has 56 branches, all of which will now become part of Attijariwafa Bank.
Barclays said that the sale boosted its common equity tier one (CET1) ratio by 10 basis points and reduced its risk weighted assets by about £1bn. The deal was announced in October 2016.
Barclays Group CEO Jes Staley said: “Today’s announcement brings us another step closer to completing the restructuring of Barclays, maintaining momentum as we work toward the closure of Barclays Non-Core at the end of June.
“I would like to thank our colleagues in Egypt who have worked tirelessly to ensure a smooth transition for our customers, and I wish them well in their future with Attijarawafa Bank S.A. Barclays remains committed to its Middle East and North Africa business as we continue to strengthen our franchise in the region.”