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Thu 17 Mar 2016 09:51 AM

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Abu Dhabi’s FGB denies bid for Barclays assets in Egypt

UAE’s third-largest lender says Bloomberg report is “untrue”

Abu Dhabi’s FGB denies bid for Barclays assets in Egypt
First Gulf Bank (FGB)

Abu Dhabi’s FGB has denied any interest in bidding for Barclays assets in Egypt.

Bloomberg had reported that the bank, the UAE’s third-largest lender by assets, had met with advisers to discuss a potential bid.

“These reports are untrue as FGB has not engaged in any discussions regarding any possible bid to purchase these assets,” the bank said in a statement released on Wednesday.

In March last year, FGB chief executive Andre Sayegh told the National newspaper that the bank was considering expanding into Egypt, potentially by opening a representative office.

Earlier this month, Barclays said it would sell its operations in Egypt as part of an overall withdrawal from Africa.

Morocco’s largest lender by assets, Attijariwafa Bank, has said it is interested in bidding for the British bank’s Egyptian assets.

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