Barclays has begun a formal process to sell its Egyptian unit, with at least two banks from the MENA region expressing interest in the business, according to sources familiar with the matter. Banks have now been invited to submit bids for the Egypt business, which are due at end of August 2016, according to two of the sources. Sources have previously said Barclays Egypt's equity value was around USD400mn. Emirates NBD is one of the interested parties, according to three sources aware of the matter. Attijariwafa Bank is planning to bid too, two of the sources said. The Moroccan bank's general manager, Ismail Douiri, told Reuters in March 2016 it was interested in Barclays Egypt, having been keen to expand into Egypt for several years. It bid for BNP Paribas' Egyptian business before losing out to Emirates NBD. Other bidders could emerge before the end-August deadline. For example, Atlas Mara, the investment firm run by former Barclays CEO Bob Diamond, has said it would be interested in buying all the bank's African assets; however, the sources indicated Attijariwafa and Emirates NBD were believed to be the only ones to have got as far as appointing investment banks to advise them. (Reuters)   Emirates NBD (DU): AED8.52 as of 19 July 2016, Rating: Buy, FV: AED10.00 per share, MCap: USD12,903mn, EMIRATES UH / ENBD.DU Attijariwafa Bank: MAD350.00 as of 19 July 2016, Rating: Neutral, FV: MAD374.32 per share, MCap: USD7,247mn, ATW MC / ATW.CS