CAIRO, August 3 – Emirates NBD has agreed to acquire HSBC Egypt’s retail banking business through its wholly owned subsidiary, Emirates NBD Egypt, marking a significant expansion of the Dubai-based lender’s presence in one of North Africa’s largest banking markets.
The agreement covers HSBC Egypt’s retail banking portfolio, including its branch and ATM network, customer base and relevant employees, according to a statement released by Emirates NBD.
The transaction remains subject to regulatory approvals and customary closing conditions.
While Emirates NBD did not disclose the financial terms of the acquisition, HSBC Group said in a separate statement that the transaction is expected to generate a pre-tax gain of approximately $300 million.
HSBC added that the deal is expected to be completed during the second half of 2027, subject to regulatory approvals.
The acquisition forms part of HSBC’s broader global restructuring programme, under which the banking group has been streamlining its operations and reallocating capital toward strategic growth areas.
Although the bank is exiting Egypt’s retail banking market, HSBC reaffirmed its commitment to the country through its wholesale banking operations.
According to HSBC, “Egypt is an important market and has strong potential for growth,” adding that the strategic review of its Egyptian operations “would not include its Egyptian wholesale banking activities.”
HSBC has operated in Egypt since 1982, providing retail, commercial and corporate banking services.
For Emirates NBD, the acquisition is expected to strengthen its retail banking franchise in Egypt by expanding its customer base, distribution network and market presence in one of Africa’s largest economies.
The transaction also reflects continued consolidation within the region’s banking industry as lenders seek greater scale, operational efficiencies and stronger positions in key growth markets.
