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Barclays Sells Egypt Operations to Moroccan Bank

The $500 million deal is expected to close by the end of the year.

Barclays is selling its operations in Egypt to Morocco's biggest revenue-generating bank, Attijariwafa Bank for $500 million, according to Reuters. 

The sale comes as part of Barclays' plans to focus on its operations in the United States and Britain to realise CEO Jes Staley's goals to simplify the bank's structure and improve shareholder returns.

The British lender is currently in the process of offloading its operations in Africa, as part of Staley's strategy to cut back presence in Africa, continental Europe and Asia, according to Financial Times.  

The deal is expected to be closed by the end of the year. 

(Photo: PA)