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ABU DHABI (ALETIHAD)
Emirates NBD Egypt has entered into definitive agreements to acquire the retail banking business of HSBC Bank Egypt, the Dubai-listed banking group said in a statement.
Emirates NBD Egypt, a wholly owned subsidiary of Emirates NBD, will acquire HSBC Egypt’s retail banking portfolio, associated branch and ATM network, customer base and relevant employees as part of the transaction.
The proposed acquisition remains subject to regulatory approvals and other closing conditions.
The statement did not specify the financial details of the transaction or indicate when it was expected to be completed.
Emirates NBD said the acquisition would strengthen its Egyptian subsidiary’s position in the retail and premium banking segments and deepen the group’s business links between the UAE and Egypt.
The group described Egypt as a strategically important market and a central part of its regional growth plans.
“Our investment reflects our continued confidence in Egypt’s dynamic market and its long-term growth prospects,” said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt.
“We look forward to further expanding our footprint in the country and contributing to Egypt’s continued economic growth and development,” he added.
Shayne Nelson, Group Chief Executive Officer of Emirates NBD and Vice Chairman of Emirates NBD Egypt, said the acquisition represented an important step in implementing the group’s 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,” Nelson said.
Amr ElShafei, Chief Executive Officer and Managing Director of Emirates NBD Egypt, said the acquisition would enhance the bank’s 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,” ElShafei said.
Emirates NBD Egypt currently operates 64 branches across Greater Cairo, the North Coast, the Delta, the Canal region, Upper Egypt and the Red Sea, and employs more than 2,300 people. Its total assets stood at approximately $5 billion at the end of June 2026, according to the statement.
