LONDON: Britain鈥檚 Barclays has completed the sale of its Egyptian business to Morocco鈥檚 Attijariwafa Bank as part of its shift toward focusing on the US and Britain.
The sale will mean a cut of about 2 billion pounds ($2.55 billion) in Barclays鈥� risk-weighted assets, it said, boosting the bank鈥檚 core capital ratio by about 0.1 percent.
Barclays did not give a price for the transaction, although sources previously said they valued the business at around $400 million.
The London-based lender is seeking to sell its African operations as part of a plan by CEO Jes Staley to simplify its structure and improve shareholder returns.
However, attempts to sell the African businesses as one have come up against difficulties, including the disparate nature of the local units, the biggest of which is Barclays Africa Group , mainly made up of former South African bank ABSA.
Barclays successfully sold a 12 percent chunk of its holding in the South African bank in May, but talks to sell a bigger holding in the business have so far not yielded a deal.
Former Barclays CEO Bob Diamond鈥檚 bid to buy Barclays Africa Group as part of a consortium was dealt a blow by the withdrawal of Carlyle Group earlier this year.
Reuters reported Attijariwafa鈥檚 interest in March, as the Moroccan lender鈥檚 general manager told Reuters he planned to expand in Egypt.