Barclays Non-Core progress continues with sale of Barclays Bank Egypt
Barclays Bank PLC ("Barclays") has today agreed to sell its Retail and Corporate Banking business in Egypt ("Barclays Bank Egypt") to Attijariwafa Bank S.A.
The transaction is estimated to result in a proforma Common Equity Tier 1 (CET1) ratio benefit of c.10bps on completion, in part reflecting an expected reduction in risk weighted assets of approximately £2bn. This proforma is calculated as at 30 June 2016, and does not reflect factors affecting the Group's CET1 ratio since 30 June 2016.
Barclays Bank Egypt has approximately 1,500 employees and 56 branches. Completion is subject to regulatory approvals, and is currently expected to occur by the end of 2016.
Jes Staley, Barclays Group CEO, said: "I am pleased to announce a further reduction in our Non-Core business. Today's announcement demonstrates our continued focus on improving the Group's returns and our ability to execute our strategy quickly."
"I want to take this opportunity to thank our colleagues in Egypt. It is their hard work, professionalism and strong customer and client relationships that have made this business so attractive to Attijariwafa Bank S.A."
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Investor Relations Media Relations
Kathryn McLeland Tom Hoskin
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Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website home.barclays
Information regarding forward-looking statements
This announcement contains forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Barclays group. These statements are based on the current beliefs and expectations of Barclays' management and are subject to significant risks and uncertainties. Actual outcomes may differ materially from those expressed in the forward-looking statements. Factors that could impact Barclays' future financial condition and performance are identified in our filings with the Securities and Exchange Commission ("SEC") (including, without limitation, our Annual Report on Form 20-F for the fiscal year ended 31 December 2015) which are available on the SEC's website (www.sec.gov). Subject to Barclays' obligations under the applicable laws and regulations of the United Kingdom and the United States in relation to disclosure and ongoing information, Barclays does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
This information is provided by RNS