ICEC

FGB says has not interest in buying Barclays’ Egypt unit

FGB, the UAE’s largest bank by market capitalisation, has denied Wednesday reports that it is interested in bidding for Barclays’ assets in Egypt.

It was reported by Bloomberg that the Abu Dhabi bank had met with advisers about a planned bid to buy Barclays’ Egyptian unit.

FGB responded this afternoon, saying in a statement: “FGB notes recent news reports with respect to an interest in bidding for Barclays assets in Egypt. These reports are untrue as FGB has not engaged in any discussions regarding any possible bid to purchase these assets.”

Barclays earlier this month announced its intention to sell its Egyptian unit as part of a wider withdrawal from Africa.

New chief executive Jes Staley said at the time that the bank was refocusing on its core UK and US markets.

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