Emirates NBD (ENBD.DU), opens new tab said on Sunday that its fully-owned subsidiary in Egypt had entered into a definitive agreement to acquire the retail banking business of HSBC Egypt.
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Under the transaction, Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio along with associated branch and ATM network, customer base and “relevant” employee base.
The transaction remains subject to regulatory approvals and closing conditions.
The value of the transaction was not disclosed by Emirates NBD, but HSBC Group(HSBA.L) said in a separate statement on Sunday that the sale is expected to generate pre-tax gain of around $300 million for the group.
It is expected to be finalized in the second half of 2027, subject to regulatory approvals, according to HSBC.
The sale of HSBC’s Egyptian retail banking business is part of HSBC Group’s wider restructuring.
HSBC, which has had a presence in Egypt since 1982, said in October 2025 that Egypt is “an important market” and “has strong potential for growth”, adding that the review of the business in the country would not include its Egyptian wholesale banking activities.
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