Emirates NBD Egypt to acquire HSBC Egypt's retail banking business

Emirates NBD Egypt has signed definitive agreements to acquire the retail banking operations of HSBC Bank Egypt, expanding its presence in one of the group's core regional markets, as per a press release.

The transaction, which is subject to regulatory approvals and customary closing conditions, covers HSBC Egypt's retail banking portfolio, including its customers, branch and ATM network, and relevant employees.

The acquisition comes as Emirates NBD continues to expand its business in Egypt, which the group considers a strategic market for its regional growth plans. The deal is also expected to strengthen Emirates NBD Egypt's retail and premium banking franchise while increasing connectivity across the UAE-Egypt corridor.

"Our investment reflects our continued confidence in Egypt’s dynamic market and its long-term growth prospects. We look forward to further expanding our footprint in the country and contributing to Egypt’s continued economic growth and development," said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt.

Shayne Nelson, Group CEO of Emirates NBD and Vice Chairman of Emirates NBD Egypt, said the agreement advances the bank's regional expansion plans. "The acquisition of HSBC Egypt’s retail banking business marks an important milestone in the execution of our regional growth strategy. The transaction strengthens our presence in one of the Group's core markets and supports our ambition to continue growing our customer franchise in Egypt," Nelson said.

Amr ElShafei, CEO and Managing Director of Emirates NBD Egypt, said the acquisition would strengthen the bank's ability to serve customers across the country. "This acquisition marks an important step for Emirates NBD Egypt’s growth and further enhances our ability to serve customers across the country. We look forward to welcoming HSBC’s customers to Emirates NBD Egypt, offering seamless financial solutions, comprehensive digital banking services and a customer-focused banking experience backed by the strength of the wider Emirates NBD Group," ElShafei said.