FGB denies reports of it making a bid for Barclays Egypt

First Gulf Bank (FGB) has denied reports it has made a bid to buy Barclays assets in Egypt; earlier this month, Barclays had revealed plans to sell its assets in Egypt so it can focus on core operations in the UK and the US. 

Abu Dhabi: First Gulf Bank (FGB), an Abu Dhabi-based bank, on Wednesday denied reports that it had made a bid to purchase Barclays assets in Egypt.

In a statement, the bank said it “has not engaged in any discussions regarding any possible bid to purchase these assets.”

Earlier this month, Barclays Egypt, a subsidiary of UK-based Barclays, announced its plans to sell its assets in Egypt in order to focus on the bank’s core operations in the UK and the US.

The bank also said it would be exiting its entire Africa operations, including its 62 per cent stake in Barclays Africa over the next few years.

The move came after the bank abandoned a plan to fold Barclays Egypt into its Africa business, Bloomberg reported, adding that the Egyptian unit may be worth more than $500 million.

Following the announcement, banks such as Attijariwafa Bank, Morocco’s largest bank by assets, said it plans to bid for the Egyptian operations of Barclays, Reuters reported.

Barclays has 56 branches and serves around 127,000 customers in Egypt, where it first established presence in 1864, according to the bank’s website.