Emirates NBD has agreed to acquire HSBC Egypt’s retail banking business, deepening its presence in one of Africa’s largest financial markets as regional lenders compete for growth and scale.
The deal, announced on Tuesday, will see Emirates NBD Egypt, the Dubai based bank’s wholly owned subsidiary, take over HSBC Egypt’s retail banking operations, including its branches, ATM network, retail customers and relevant employees. The transaction is subject to regulatory approvals and other customary closing conditions.
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Although Emirates NBD did not disclose the value of the acquisition, HSBC Group said the sale is expected to generate a pre tax gain of about $300 million. The bank expects the transaction to be completed in the second half of 2027, pending regulatory approval.
“This transaction supports our strategy of focusing resources where we see the greatest opportunities for long term growth,” HSBC said
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