Emirates NBD signs deal to buy HSBC's retail operations in Egypt
Emirates NBD has signed a definitive agreement to buy HSBC’s retail banking operations in Egypt, as it looks to continue to strengthen its presence in the most populous Arab market. Emirates NBD Egypt, the fully owned subsidiary of ENBD, Dubai’s biggest lender by assets , is acquiring retail banking assets from HSBC Bank Egypt, which is an indirect subsidiary of Europe’s top lender, Emirates NBD…
Emirates NBD has reached a definitive agreement to acquire HSBC's retail banking operations in Egypt, aiming to bolster its presence in the largest Arab market. The transaction, subject to regulatory approvals, involves the acquisition of HSBC Bank Egypt's retail banking assets, including its branch and ATM network, customer base, and employees.
HSBC anticipates a pre-tax gain of $300 million from the deal, while Emirates NBD views it as a step towards becoming the leading retail and premium banking franchise in Egypt, enhancing its connectivity within the UAE-Egypt trade and investment corridor. The lender, majority-owned by the Dubai government, has been expanding its operations through mergers and acquisitions, with recent investments in India's financial sector.
Emirates NBD has been operating in Egypt since 2013, serving customers through a network of 64 branches across the country.
Brief written by urgent.news from The National UAE's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
