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UAE-based Emirates NBD acquires HSBC's retail banking unit in Egypt
Emirates NBD Egypt has signed a final agreement to acquire HSBC Egypt's retail banking operations. The bank aims to strengthen its position in the Egyptian market with this move.
The UAE-based Emirates NBD Group's subsidiary in Egypt announced that it will acquire HSBC's retail banking unit in Egypt. The final agreement signed between the two banks will take effect after regulatory approvals are obtained.
Emirates NBD Egypt stated that the acquisition covers HSBC Egypt's retail banking portfolio, branch network, ATMs, customer base, and related personnel.
Emirates NBD Group Vice Chairman and General Manager Hisham Abdullah Al Qassim said this investment reflects their confidence in the Egyptian market's dynamism and long-term potential. "We look forward to strengthening our presence in Egypt, contributing to sustainable economic growth, and supporting the country's development process," he said.
The acquisition is expected to strengthen Emirates NBD Egypt's position in the retail and premium banking segments and enhance strategic integration between the UAE and Egypt.
Emirates NBD Egypt operates 64 branches nationwide. The bank reported total assets of approximately $5 billion as of June 30.
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