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Wednesday, 21 September 2016

Attijariwafa reportedly offering over USD 500 mn to acquire Barclays Egypt

Morocco’s Attijariwafa Bank confirms it has offered more than USD 500 mn to acquire Barclays Bank Egypt, Attijariwafa’s Development Manager Nabil Kadiri told Al Borsa. Kadiri expects Barclays could make a decision on the sale in as little as two weeks, noting that Attijariwafa will look at other targets if it fails in its run at Barclays. The Moroccan bank and Emirates NBD both submitted bids to acquire Barclays’ Egyptian arm earlier this month. This could mean we finally need to learn to pronounce “Attijariwafa” rather than mumbling something to the effect of “Attifujjywujjy” when it tries — every three or four years — to acquire an Egyptian bank.

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