Allen & Overy advised Attijariwafa bank a Moroccan leading banking and financial group in Africa on the acquisition of Barclays Bank Egyptian banking business.

The U.K.-listed banking giant Barclays Bank sold its retail and corporate banking business in Egypt to Moroccan banking firm Attijariwafa bank present in the Maghreb, Western and Central Africa. The sale is expected to close by the year end following regulatory approvals from notably the Central Bank of Egypt and Central Bank of Morocco. 

Barclays Bank Egypt, headquartered in Cairo, is present in 18 Egyptian cities with 56 branches and 1,500 employees. It posted net banking income of EGP 1,517 million and net income of EGP 606 million in 2015. Its total assets and shareholders’ equity amounted EGP 20.2 billion and EGP 3.4 billion respectively as of 31 December 2015.

Commenting on the deal Casablanca based Allen & Overy partner Hicham Naciri said: “While the Moroccan banking sector continues to grow we are delighted to advise a major player within the Moroccan financial services sector across the African continent. This transaction represents a first of this scale from a Moroccan financial operator on the Egyptian market”. 

Partner Hicham Naciri led the Allen & Overy team from Casablanca with support from Paris based Counsel Pierre Imbrecht and Casablanca associate Aafke Landsmeer. Local counsel in Egypt was Sharkawy & Sarhan Law.

Attijariwafa bank was also advised by UBS Investment Bank and Attijari Finances Corp. 

Barclays Bank Egypt was advised by Norton Rose Fulbright LLP and Zulficar & Partners in Egypt.