HSBC Egypt to sell retail portfolio to Emirates NBD

Good afternoon, ladies and gentlemen. We hope the weekend treated you well — another week, another scorcher ahead.

Without further ado, the latest in the press…

HSBC has found a buyer in Emirates NBD Egypt for its retail business here retail future

No financial terms were disclosed, although HSBC said the transaction is expected to generate a pre-tax gain of around USD 300 mn

For now, nothing changes:

KEY CONTEXT- It’s the second big move this summer for Emirates NBD USD 2.8 bn acquisition in June of a 60% stake in India’s RBL Bank

BACKGROUND- strategic review at least four suitors statement

The sale fits with HSBC’s global pullback from retail banking an exit watchlist South Africa Australia

HSBC said on Friday that it will be closing all of its retail branches in Australia

We’ll have the full story

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THE BIG STORY ABROAD

🌐 There’s no clear frontrunner on the global news agenda this afternoon

The announcement followed reports that Saudi Crown Prince Mohammed bin Salman had called for de-escalation.

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ALSO- return to Morocco

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