Tuesday, a source familiar with the United Kingdom-based lender, Barclays Bank Plc, told Reuters that the bank has commenced the official process to sell its Egyptian unit. So far, about two banks in the Middle East and North African (MENA) region have expressed their interest in the business.

This comes two months after Barclays Plc. sold 12.2 percent of its shares in the Barclays Africa Group for about 13.1 billion Rand ($879 million), leaving the bank with a 50.1 percent share. It will also be recalled that in May, the company announced its intentions to divest part of its 62 percent stake in Barclays Africa to a level, which would permit it to de-consolidate Barclays Africa from a regulatory perspective.

Banks have been invited to submit their bid for Barclays Egypt, whose equity is valued at $400 million. According to Reuters, the banks that have indicated their interest are Dubai-based Emirates NBD and Moroccan Attijariwafa Bank. Both banks are the largest banks by assets for United Arab Emirates and Morocco, respectively.