Barclays Bank has announced plans to sell its Egypt operations as part of a wider Africa exit plan to focus on its core UK and US markets.
The decision comes after talks to fold its Egypt unit into its South African subsidiary failed last year.
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"Accordingly, Barclays Bank concluded that another investor may be more able to develop banking business in Egypt," the British bank said.
Barclays has recently announced plans to sell its 62.3% stake in Barclays Africa Group.
Barclays Africa was formed three years ago in a deal in which Barclays handed over ownership of its eight African countries’ businesses to its South African subsidiary. Barclays’ operations in Egypt and Zimbabwe are not part of Barclays Africa.
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By GlobalData
