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Wednesday, 3 August 2016

Standard Chartered not interested in Barclays Egypt

Standard Chartered is not on the hunt for Barclays’ Egyptian operations, according to Al Mal, which confirmed that only Morocco’s Attijariwafa Bank and Emirates NBD are looking to acquire Barclays Egypt. Both have reportedly completed their due diligence processes and are expected to submit offers “within the next few days.” Perella Weinberg Partners is said to be advising Emirates NBD, whereas Attijariwafa is being advised by UBS in the transaction. Al Mal reminds us that Standard Chartered considered entering the Egyptian market three times in the past, most recently in an attempt to acquire Piraeus Bank Egypt. Before that, in 2008, it looked to acquire Banque du Caire.

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