Emirates NBD Egypt has signed definitive agreements to acquire the retail banking business of HSBC Bank Egypt, an indirect subsidiary of HSBC Holdings PLC. The transaction remains subject to regulatory approvals.
Under the terms of the deal, Emirates NBD Egypt will take on HSBC Egypt’s retail banking portfolio, along with its branch and ATM network, customer accounts, and relevant employees. Emirates NBD Egypt is a wholly owned subsidiary of Dubai-based Emirates NBD Bank.
The bank said the acquisition is intended to strengthen its position as a retail and premium banking franchise in Egypt and deepen connectivity along the UAE-Egypt corridor.
“Our investment reflects our continued confidence in Egypt’s dynamic market and its long-term growth prospects. We look forward to further expanding our footprint in the country and contributing to Egypt’s continued economic growth and development,” Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt said in a statement.
“The acquisition of HSBC Egypt’s retail banking business marks an important milestone in the execution of our regional growth strategy. The transaction strengthens our presence in one of the Group’s core markets and supports our ambition to continue growing our customer franchise in Egypt,” Shayne Nelson, Group CEO of Emirates NBD and Vice Chairman of Emirates NBD Egypt added.
“This acquisition marks an important step for Emirates NBD Egypt’s growth and further enhances our ability to serve customers across the country. We look forward to welcoming HSBC’s customers to Emirates NBD Egypt, offering seamless financial solutions, comprehensive digital banking services and a customer focused banking experience backed by the strength of the wider Emirates NBD Group,” Amr ElShafei, CEO and Managing Director of Emirates NBD Egypt further explained.
No financial terms were disclosed. Closing is conditional on regulatory sign-off in Egypt.
