Emirates NBD Bank to acquire HSBC Egypt's retail banking unit

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Emirates NBD Bank to acquire HSBC Egypt’s retail banking unit

August 2, 2026

DUBAI,— Emirates NBD’s Egyptian subsidiary has signed a definitive agreement to buy the retail banking operations of HSBC Egypt, the bank confirmed Sunday.

The purchase includes HSBC Egypt’s retail customer accounts, its branch and ATM locations, and staff members linked to that division of the bank.

Regulators still need to sign off on the sale, and other closing steps must be completed before the deal takes effect.

Emirates National Bank of Dubai NBD has not released the price tag attached to the acquisition.

HSBC Group, however, said in its own Sunday statement that the sale is projected to bring in a pre-tax gain of close to $300 million.

HSBC said the deal is on track to close sometime in the second half of 2027, assuming regulators approve it.

The move is one piece of a broader restructuring push at HSBC, the bank formally known as Hongkong and Shanghai Banking Corporation.

HSBC has run operations in Egypt since 1982.

Back in October 2025, the bank called Egypt “an important market” with “strong potential for growth,” and said its Egyptian wholesale banking unit would not be part of the review.

(With files from Reuters)