Emirates National Bank of Dubai (NBD) Egypt, a wholly owned subsidiary of Emirates NBD, announced Monday, 3 August, that it had signed definitive agreements to acquire the retail banking operations of HSBC Egypt.
The move is set to expand the Dubai-based lender’s footprint in one of the region’s largest banking markets.
The deal, still subject to regulatory approval and other customary closing conditions, would transfer HSBC Egypt’s retail banking portfolio, including its branch network, associated ATMs, customer base and relevant staff, to Emirates NBD Egypt.
Emirates NBD did not disclose the value of the transaction. But HSBC Holdings, in a separate statement on Sunday, 2 August, said the sale was expected to generate a pre-tax gain of roughly USD 300 million (EGP 15 billion) for the group. HSBC added that the deal is expected to close in the second half of 2027, pending regulatory approval.
The sale is the latest move in HSBC’s broader restructuring of its global operations, as the London-based lender continues to pare back or exit retail businesses in markets it has deemed peripheral to its core strategy. HSBC has operated in Egypt since 1982.
In October 2025, the bank said Egypt remained “an important market” with “strong potential for growth,” but added that it was reviewing its retail operations there. It said at the time that any review would not extend to its wholesale banking business in the country.
In the statement announcing the agreement, Emirates NBD said the acquisition would strengthen its position in Egypt’s retail and premium banking segments and reinforce what it described as a strategic economic corridor between the United Arab Emirates (UAE) and Egypt. The bank has identified Egypt as a central pillar of its regional growth strategy in recent years.
“This investment reaffirms our strong confidence in the dynamism of the Egyptian market and its promising long-term growth prospects,” said Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD and chairman of Emirates NBD Egypt.
Shayne Nelson, group chief executive of Emirates NBD and vice chairman of Emirates NBD Egypt, called the acquisition “an important step” in executing the bank’s regional growth strategy, saying it would strengthen the group’s foothold in a key market and support its ambitions to expand its customer base in Egypt.
Comments (0)