Photo Credit : WAM
Emirates NBD Egypt has entered into definitive agreements to acquire the retail banking business of HSBC Bank Egypt, in a move aimed at strengthening its position in the country’s banking sector.
Emirates NBD Egypt is a wholly owned subsidiary of Emirates NBD Bank, while HSBC Bank Egypt is indirectly owned by HSBC Holdings.
The proposed transaction remains subject to regulatory approvals and customary closing conditions.
Under the agreement, Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio, including its customer base, relevant employees, branches and ATM network.
The acquisition is expected to reinforce Emirates NBD Egypt’s position as a leading retail and premium banking franchise, while strengthening financial connectivity between the UAE and Egypt.
Emirates NBD said Egypt remains a strategically important market and a key part of the group’s regional growth plans.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt, said the investment reflects the group’s confidence in the long-term prospects of the Egyptian market.
“Our investment reflects our continued confidence in Egypt’s dynamic market and its long-term growth prospects,” Al Qassim said.
He added that the group plans to expand its presence in the country and contribute to Egypt’s economic growth and development.
Shayne Nelson, Group CEO of Emirates NBD and Vice Chairman of Emirates NBD Egypt, described the acquisition as an important milestone in the group’s regional expansion 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, CEO and Managing Director of Emirates NBD Egypt, said the transaction would strengthen the bank’s ability to serve customers across the country.
He said Emirates NBD Egypt looks forward to welcoming HSBC’s retail banking customers and providing them with digital banking services, seamless financial solutions and a customer-focused banking experience supported by the wider Emirates NBD Group.
