The bank was renamed Attijariwafa Bank Egypt S.A.E. and rebranded as such in 2017. Barclays Egypt was a subsidiary of the multinational financial services company Barclays Bank P.L.C., which has its headquarters in London, UK. In 2017, Barclays Bank P.L.C. sold all of its shares in Barclays Bank Egypt S.A.E. to Attijariwafa Bank Group, a major banking and financial group in North, Western, and Central Africa.
The sale of Barclays Bank Egypt to Attijariwafa Bank Group marked a significant milestone in the restructuring of Barclays Bank P.L.C. Barclays Bank Egypt’s 1,500 employees and 56 branches became part of Attijariwafa Bank S.A. The group aims to make it a universal bank that regroups retail and corporate banking activities, capitalizing on its proven expertise to offer excellent services to customers in Egypt. In an attempt to alleviate a severe dollar shortage, the Egyptian government announced that Barclays Plc would serve as advisers in the sale of state-owned United Bank. This move represents new developments in a larger plan to sell state assets.
History of Barclays in Egypt
Barclays, one of the largest financial services providers in the world, has a long and rich history in Egypt. The bank entered the Egyptian market in 1864 when it opened its first branch in Alexandria. Since then, Barclays has been providing world-class financial services to individuals and businesses in Egypt for over 150 years.
Over the years, Barclays has played an important role in the development of Egypt’s banking sector. The bank has been at the forefront of innovation, launching new goods and services that have aided in modernizing the industry and increasing Egyptians’ access to banking.
Acquisition by Attijariwafa Bank
In 2024, Barclays Bank Egypt was acquired by Attijariwafa Bank S.A., a leading financial institution in North Africa and the Middle East. The acquisition was part of Barclays’ strategy to focus on its core markets and simplify its operations. A reduction of c.£1.0bn in risk-weighted assets was partially offset by the transaction, which at closing increased the proforma Common Equity Tier 1 (CET1) ratio by c.10bps.
Impact on the Banking Sector
The acquisition of Barclays Bank Egypt by Attijariwafa Bank S.A. is expected to impact the Egyptian banking sector significantly. The move will create a stronger, more competitive banking industry, benefiting consumers and businesses.
The acquisition will also help to strengthen Attijariwafa Bank’s position in North Africa and the Middle East, enabling it to expand its operations and better serve its customers in the region.
In summary, Barclays Bank Egypt has a long history in Egypt and has contributed significantly to the growth of the banking industry during the previous 150 years. The acquisition of the bank by Attijariwafa Bank S.A. is expected to positively impact the banking industry in Egypt, creating a stronger, more competitive sector that will benefit consumers and businesses alike.
Barclays Egypt’s Banking Services
Barclays Egypt provides its clients with a variety of banking services, such as Investment Banking and Retail and Corporate Banking.
Retail and Corporate Banking
The retail and corporate banking services offered by Barclays Egypt are designed to meet the requirements of small and large enterprises alike. The bank provides a number of goods and services, such as credit cards, loans, current accounts, savings accounts, and loans. Clients can use A.T.M.s, mobile banking, and Internet banking to access their accounts.
Barclays Egypt’s Retail and Corporate Banking services are designed to meet customers’ needs from various industries. A group of seasoned experts at the bank collaborates closely with clients to comprehend their requirements and offer tailored solutions.
Investment Banking
Barclays Egypt’s Investment Banking services cater to the needs of corporations and institutional investors. The bank offers various services, including mergers and acquisitions, equity and debt capital markets, and structured finance. The bank’s team of exceptionally qualified professionals offers solutions that are tailored to each individual customer’s requirements.
Barclays Egypt’s Investment Banking services are designed to help clients achieve their strategic goals. The bank has a strong track record of successfully executing complex transactions and providing innovative solutions.
Barclays Egypt is committed to providing its customers with high-quality banking services. The bank’s emphasis on customer service and innovation has enabled it to rise to the top of Egypt’s financial services market.
Financial Performance and Strategy
Barclays Egypt has performed well in recent years, focusing on maintaining a strong financial position and implementing a sound strategy. This section will provide an overview of the bank’s financial performance and strategy, with a particular focus on the Common Equity Tier 1 (CET1) Ratio, Risk-Weighted Assets, and Returns.
Common Equity Tier 1 (CET1) Ratio
One important indicator of a bank’s stability and loss-absorbing capacity is the CET1 ratio. Barclays Egypt has maintained a strong CET1 ratio, which stood at 13.5% as of the end of 2023. This is well above the regulatory minimum of 9.25%, demonstrating the bank’s robust capital position.
Risk Weighted Assets and Returns
Barclays Egypt has been focused on managing its risk effectively and optimizing its returns. The bank’s Risk Weighted Assets (R.W.A.s) stood at EGP 63.7 billion as of the end of 2023, and its return on R.W.A.s was 2.7%. This indicates that the bank is generating healthy returns while managing risk effectively.
Strategy
Barclays Egypt’s strategy is focused on delivering sustainable growth and value to its stakeholders. The bank aims to achieve this by focusing on its core business lines, leveraging its digital capabilities, and delivering excellent customer service. In addition, the bank is committed to maintaining a strong risk management framework and complying with all regulatory requirements.
Regulatory Approvals
Barclays Egypt has obtained all necessary regulatory approvals to operate in Egypt and is subject to supervision by the Central Bank of Egypt. The bank has put in place strong policies and procedures to make sure that it complies with all applicable laws and regulations. It is dedicated to upholding the highest standards of regulatory compliance.
Returns
Barclays Egypt has been generating healthy returns in recent years, with a return on equity of 17.9% in 2023. The bank’s focus on delivering sustainable growth and value to its stakeholders and its strong financial position and effective risk management have enabled it to generate strong returns while maintaining a sound risk profile.
In conclusion, Barclays Egypt has performed well in recent years, focusing on maintaining a strong financial position and implementing a sound strategy. The bank’s strong CET1 ratio, effective risk management, and healthy returns are a testament to its commitment to delivering sustainable growth and value to its stakeholders.
Organizational Structure and Employment
The international bank Barclays Bank P.L.C., with a convoluted organizational structure, is the parent company of Barclays Egypt. The bank’s organizational structure is essentially a matrix one, with several business lines that operate in various geographical locations. At the highest level, Barclays is organized into three main business divisions: Personal Banking, Corporate and Investment Banking, and Wealth and Investment Management.
Key Executives
the Group C.E.O Barclays Bank P.L.C., overseeing the bank’s global operations. The C.E.O. of Barclays Egypt is Mohamed El-Etreby, responsible for the bank’s operations in Egypt. The bank’s executive committee in Egypt includes a team of experienced professionals who oversee the bank’s day-to-day operations and decision-making processes.
Employee and Branch Network
Barclays Egypt has a strong presence in the Egyptian market and A.T.M.s across the country. The bank employs highly skilled and experienced professionals dedicated to providing exceptional customer service. The bank’s employees are its most valuable asset, and the bank is committed to providing them with a safe and supportive working environment.
Barclays Egypt is also committed to giving back to the communities in which it operates. The bank has a strong corporate social responsibility program, including initiatives to support education, healthcare, and environmental sustainability.
In conclusion, Barclays Egypt is a subsidiary of Barclays Bank P.L.C., operating within a complex organizational structure. The bank’s key executives oversee its operations, and its employees are dedicated to providing exceptional customer service. Barclays Egypt has a strong presence in the Egyptian market, and it is committed to giving back to the communities in which it operates.
Economic Influence and Development
Role in Egypt’s Economy
For many years, Barclays Egypt has been a major player in the Egyptian economy. As one of the nation’s top financial institutions, it has offered a wide range of banking services to private citizens, corporate clients, and governmental organizations. The bank has also actively contributed to the growth of the country’s industrial, agricultural, and service sectors.
Barclays Egypt has been working closely with the Central Bank of Egypt to promote economic growth and development. The bank has been providing financial support to various projects to create job opportunities, increase productivity, and improve people’s standard of living.
Efforts to Revive the Economy
In recent years, Egypt has been facing various economic challenges, including a dollar crunch, high inflation, and a large budget deficit. As a result, the government has been implementing various measures to revive the economy and attract foreign investment.
Barclays Egypt has been actively involved in these efforts, working closely with local investment banks such as CI Capital to support various projects financially. The bank has also been serving as an international sell-side adviser, helping the government to sell state-held assets and attract foreign investors.
Barclays Egypt has been playing a key role in the country’s financial markets, providing liquidity and stability to the market. The bank has been working closely with the Financial Times to provide timely and accurate information to investors and traders.
In conclusion, Barclays Egypt has been a key player in the country’s economy, providing financial support to various sectors and working closely with the government to promote economic growth and development. The bank will likely continue to be a major player in the nation’s financial markets in the years to come due to its admirable efforts to boost the economy and draw in foreign investment.
Frequently Asked Questions
What are the locations of Barclays branches in Egypt?
Barclays Bank Egypt has branches in several cities across Egypt, including Cairo, Alexandria, Giza, and Sharm El Sheikh. Customers can visit the bank’s website or contact the customer service center to find the nearest branch.
How can one pursue a career at Barclays in Egypt?
Barclays Bank Egypt offers a range of career opportunities for job seekers. Interested candidates can visit the bank’s careers page to find job openings and submit their applications online.
What steps are needed to access Barclays Egypt’s online banking services?
To access Barclays Egypt’s online banking services, customers need to register for online banking by visiting the bank’s website and following the registration process. Once registered, customers can log in to their account using their username and password.
How can I contact Barclays Bank in Cairo, Egypt?
Customers can contact Barclays Bank in Cairo, Egypt, by calling the bank’s customer service center at +202 25291300. Alternatively, customers can visit one of the bank’s branches or send an email to the bank’s customer service email address.
Who acquired the operations of Barclays Bank in Egypt?
Barclays Bank Egypt was acquired by Attijariwafa Bank in 2017. The acquisition was part of Attijariwafa Bank’s strategy to expand its African presence and strengthen its position in the Egyptian market.
What are the services offered by Attijariwafa Bank in Egypt?
Attijariwafa Bank offers a range of banking and financial services in Egypt, including retail banking, corporate banking, investment banking, and asset management. The bank also provides Islamic banking services through its subsidiary, Attijariwafa Bank Egypt Sharia.
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