Five Arab banks have shown interest in competing for buying Barclays-Egypt, according to sources familiar with the matter. The five banks are reportedly First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB), National Bank of Ras Al Khaimah (RAK Bank), Byblos Bank and Attijariwafa Bank. FGB, however, released a statement in mid-March denying earlier reports that it had made a bid to purchase Barclays assets in Egypt. In its press release, FGB said it “has not engaged in any discussions regarding any possible bid to purchase these assets.” A source said that the value of the transaction could reach USD500 million up to USD700 million, representing 1.5-2.0x price to book value, as the bank has a strong capital base, high asset quality, and has a 28% capital adequacy ratio. Barclays-Egypt’s equity stands at cEGP3.41 billion (c.USD385.5 million). Barclays Group has announced its intention to exit from the Egyptian market and some business units in Africa and Europe. Barclays Capital, Barclays Group’s investment bank, is in charge of receiving purchase bids and making the trade-offs between offers. (Al Mal, company disclosure)   First Gulf Bank (AD): AED11.35 as of 28 March 2016, Rating: Buy, FV: AED13.90 per share, MCap: USD13,917 million, FGB UH / FGB.AD AD Comm. Bank (AD): AED6.36 as of 28 March 2016, Rating: Buy, FV: AED8.00 per share, MCap: USD9,697 million, ADCB UH / ADCB.AD RAK Bank (AD): AED6.29 as of 28 March 2016, Rating: Neutral, FV: AED6.10 per share, MCap: USD2,873 million, RAKBANK UH / RAKB.AD Byblos Bank: USD1.70 as of 28 March 2016, Rating: Neutral, FV: USD1.85 per share, MCap: USD961 million, BYB LB / BYB.BY Attijariwafa Bank: MAD335.50 as of 28 March 2016, Rating: Neutral, FV: MAD374.32 per share, MCap: USD7,025 million, ATW MC / ATW.CS