FGB says it has no interest in buying Barclays Egypt

FGB, the UAE’s largest bank by market capitalisation, has denied 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 the planned bid.

However, 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.”

FGB dropped nearly 10 per cent on the Abu Dhabi Securities Exchange General Index on Tuesday as the stock went ex-dividend. It closed down a further 3.7 per cent at Dh11.55 today – its lowest level in a month.

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.

business@thenational.ae

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