Morocco’s Attijariwafa to hire global advisor for 5-year Egypt strategy

Morocco’s Attijariwafa Bank will choose an international consulting firm to develop a five-year strategy for its Egyptian operations after it acquired Barclays’ Egypt businesses, chief executive said Sunday.

Mohamed El Kettani further said in a press conference that Attijariwafa would announced its strategy for Egypt operation within the next three months.

Attijariwafa Bank plans to rebrand the Egyptian bank to Attijari Bank Egypt within the next six months, Kettani added.

“Attijari Bank Egypt will be the group’s entryway to Gulf states and East Africa,” Kettani said.

Britain’s Barclays reached a deal last year to sell its Egyptian banking unit to Attijariwafa Bank, one of Morocco’s largest banks, but the value of the deal, which closed this month, has not been disclosed by either side.