Attijariwafa pays twice book value to acquire Barklays Egypt

Attijariwafa, one of Morocco’s biggest banks has paid twice book value for the acquisition of Barklays Egypt, Mohammed El Kettani the bank's CEO told Reuters on Sunday. Barklays’ acquisition will enable the Moroccan bank to expand its market share to 5 percent naming the new unit Attijari Bank Egypt.

Kettani, speaking to the British news agency, did not reveal the value of the recent purchase but declared instead that it was «twice Barclays Egypt's 2016 book value or about seven times its expected net profit for 2017», added the same source.

«Attijari Bank Egypt will be the group's entryway to Gulf states and East Africa», Mohammed El Kettani told Reuters. The Moroccan bank will eventually look for an international consulting firm to put a five-year plan for the new Egyptian unit.