Attijariwafa looking to set its five-year strategy in Egypt, considers providing insurance

Morocco’s Attijariwafa Bank won’t IPO its Egyptian subsidiary, eyes 5% market share within five years: Announcing the close of the lender’s acquisition of Barclays Bank Egypt, Attijariwafa CEO Mohamed El Kettani said he has ruled out listing Attijari Bank Egypt’s shares on the EGX. El Kettani said the bank is targeting a 5% market share within five years from 1-1.5% today, Reuters reports. The CEO also said Attijari Bank Egypt is looking to contract a consultancy to help formulate its strategy here, Al Mal notes. El Kettani says the strategy would be set over the next three months and cover the next five years. He says the bank is looking to serve the middle class and enhance financial inclusion. El Kettani also noted the bank is eyeing the domestic insurance market. Speaking with Reuters, the CEO said Attijariwafa had paid twice Barclays Egypt’s 2016 book value (or c. 7x 2017 projected profits) for the Egyptian lender.