Barclays has declared its intentions to sell its branch in Egypt as well as some other branches in Africa and Europe in order to focus on a simple business group in sectors of retail, firms and investment, according to Jes Staley.
In a press release, the bank said that Barclays Egypt and other business units will be placed under the Barclays Non-Core business, which was established in May 2014 to supervise the units that would be sold.
Barclays Egypt was supposed to be merged into Barclays Africa Group Limited, if both agreed on the commercial terms. However. Negotiations failed at the end of 2015.
The bank said there could be another investor more able to develop the banking business in Egypt.
Edited translation from Al-Masry Al-Youm
