Transaction will add HSBC Egypt’s retail portfolio, branches, ATMs and customer base to Emirates NBD Egypt, subject to regulatory approvals
Cairo: Emirates NBD Egypt S.A.E., a wholly owned subsidiary of Emirates NBD Bank (P.J.S.C.), has entered into definitive agreements to acquire the retail banking business of HSBC Bank Egypt S.A.E., an indirect subsidiary of HSBC Holdings PLC.
The transaction remains subject to regulatory approvals and the fulfilment of customary closing conditions.
Under the agreement, Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio, including its associated branch and ATM network, customer base and relevant employees.
The acquisition is expected to strengthen Emirates NBD Egypt’s position in the retail and premium banking segments while enhancing connectivity across the UAE-Egypt corridor.
Emirates NBD said Egypt remains a strategically important market and a key pillar of the Group’s regional growth strategy.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt, said: “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.”
Shayne Nelson, Group CEO of Emirates NBD and Vice Chairman of Emirates NBD Egypt, said: “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.”
Amr ElShafei, CEO and Managing Director of Emirates NBD Egypt, said the acquisition would further strengthen 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,” he said.
Source: Emirates 24|7