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Monday, 31 October 2016

Attijariwafa acquisition of Barclays to be completed before year-end

Attijariwafa will finalise its acquisition agreement of Barclays Egypt before the end of the year, bank sources told Al Mal. The bank says it has already received regulatory approvals from both the Egyptian and Moroccan central banks for the transaction and has formulated a strategic plan for its operations in Egypt. The acquisition’s value has not been disclosed since we first noted it in early October.

The news came on the same day that AXA Egypt announced it is rebranding Commercial International Life Insurance Company SAE (CIL), which it acquired in December 2015 from CIB, to become AXA Life Insurance Egypt SAE (AXA Life Egypt). AXA says existing contracts, pricings, and benefits of CIL customers will not change. The company has c. 500k customers in Egypt and employs a staff of 500 to manage more than 2,000 providers and partners. More on AXA Egypt and its local product portfolio in this statement issued yesterday (pdf).

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