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UAE bank Emirates NBD acquires HSBC's retail banking unit in Egypt
Emirates NBD Egypt has signed a final agreement to take over HSBC Egypt's retail banking operations. The acquisition aims to strengthen the UAE-based bank's presence in Egypt and boost regional integration.
The Egyptian subsidiary of UAE-based Emirates NBD Group has signed final agreements to acquire HSBC's retail banking unit in Egypt.
According to a statement by Emirates NBD Egypt, the agreement covers HSBC Egypt's retail banking portfolio, branch network, ATMs, customer base and relevant personnel. Completion of the acquisition is subject to obtaining necessary regulatory approvals and fulfilling closing conditions.
Emirates NBD Group Vice Chairman and Managing Director Hisham Abdullah Al-Qassim said this investment is a confirmation of their confidence in the dynamism and long-term growth potential of the Egyptian market. Al-Qassim said, "We look forward to strengthening our presence in Egypt, contributing to sustainable economic growth and supporting the country's development process."
According to the bank's statement, this acquisition will strengthen Emirates NBD's position in Egypt's retail and premium banking segments and increase strategic integration between the UAE and Egypt.
Emirates NBD Egypt operates through 64 branches across the country. The bank had announced that its total assets stood at approximately $5 billion as of June 30.
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