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Emirates NBD Egypt acquires HSBC's retail banking business in Egypt
Emirates NBD Egypt has signed a final agreement to take over HSBC's retail banking operations in Egypt. With this move, the bank aims to strengthen its position in the Egyptian market.
Emirates NBD Egypt, the Egyptian subsidiary of UAE-based Emirates NBD, has reached a final agreement to acquire HSBC's retail banking business in Egypt.
Emirates NBD Egypt stated that the agreement covers HSBC Egypt's retail banking portfolio, branch network, ATMs, customer base and related staff.
The completion of the acquisition is subject to obtaining the required regulatory approvals and meeting the closing conditions.
Emirates NBD Group Deputy Chairman and Managing Director Hisham Abdullah Al-Qassim said that this investment is a confirmation of confidence in the dynamism of the Egyptian market and its long-term growth potential. Al-Qassim stated, 'We look forward to strengthening our presence in Egypt, contributing to sustainable economic growth, and supporting the country's development process.'
The bank's statement added that the acquisition is expected to strengthen Emirates NBD Egypt's position in the retail and premium banking segments and enhance the Emirates NBD Group's strategic integration between the UAE and Egypt.
Emirates NBD Egypt operates 64 branches across Egypt. As of June 30, the bank had reported total assets of approximately $5 billion.
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