Cairo - Mubasher: The transaction value of Barclays Bank selling its Egyptian unit to Morocco's Attijariwafa Bank is around $500 million (EGP 4.5 million), according to a recent report.
Barclays Egypt has a small market share, but well capitalized for potential growth, Pharos Research said in its report on Wednesday.
Barclays has 56 branches, a workforce of 1500 employees, and serves around 127,000 customers in Egypt.
The bank’s loan portfolio stood at EGP 7.7 billion as of Q1-16, capturing a market share of 0.9%.
The transaction, which is expected to be completed by the end of 2016, would not act as a potential catalyst to market prices of small to medium sized Egyptian banks, given that it implies similar trading multiples, said Pharos Research.
