Emirates NBD is deepening its investment in Egypt after reaching an agreement to acquire HSBC Egypt’s retail banking business, strengthening its position in one of the region’s largest banking markets while expanding access to retail and digital financial services for customers.
The agreement, announced by HSBC Holdings plc, will see Emirates NBD Egypt acquire HSBC Egypt’s retail banking portfolio, including retail loans, customer deposits, accounts and the employees supporting the business. The transaction is scheduled to close in the second half of 2027, subject to regulatory approvals.
The acquisition adds another chapter to Emirates NBD’s regional expansion strategy and increases its presence in a market where demand for modern banking services continues to grow. It also gives the bank an opportunity to serve a larger customer base while building on its digital banking capabilities.
“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. He said the bank looks forward to expanding its footprint in the country while contributing to Egypt’s continued economic growth and development.
Expanding Banking Services Across Egypt
The transaction covers HSBC Egypt’s entire retail banking business, including loans, deposits and customer accounts, together with the employees supporting those operations. HSBC confirmed there will be no immediate changes for retail customers, with all existing products and services continuing as normal until the transaction is completed. Both banks said they will work together to ensure a smooth transition for customers and employees.
For Emirates NBD, the acquisition represents an important step in growing its operations across the region.
Group Chief Executive Officer Shayne Nelson described the agreement as “an important milestone” in the bank’s regional growth strategy. He said the transaction strengthens Emirates NBD’s presence in one of its core markets and supports its ambition to continue expanding its customer franchise in Egypt.
Customers joining Emirates NBD Egypt will also gain access to the bank’s wider range of financial products and digital banking services.
Chief Executive Officer and Managing Director Amr ElShafei said the acquisition strengthens the bank’s ability to serve customers across the country. He said Emirates NBD looks forward to welcoming HSBC’s retail customers by offering seamless financial solutions, comprehensive digital banking services and a customer-focused banking experience backed by the strength of the wider Emirates NBD Group.
HSBC Sharpens Focus on Corporate and Institutional Banking
While HSBC is selling its retail banking business in Egypt, the group has reaffirmed its long-term commitment to the country through its corporate and institutional banking operations.
The bank said it will continue supporting multinational companies operating in Egypt while helping domestic businesses expand internationally. It also remains focused on facilitating trade and investment flows between Egypt and global markets.
The sale follows HSBC’s strategic review of its retail banking business in Egypt, announced last year, and forms part of the group’s broader strategy to simplify its operations and concentrate on business areas where it has the strongest competitive advantage.
HSBC expects the transaction to generate an estimated pre-tax gain of approximately US$0.3 billion, with the gain largely recognised upon completion. The bank said the sale will have only an immaterial impact on its Common Equity Tier 1 capital ratio.
Headquartered in London, HSBC operates in 56 countries and territories and reported total assets of US$3.306 trillion as of 31 March 2026, making it one of the world’s largest banking and financial services organisations.
