Emirates NBD to acquire HSBC Egypt's retail banking business

Dubai: Emirates NBD has agreed to acquire the retail banking business of HSBC Egypt, expanding its presence in one of the group's core regional markets and strengthening its position in Egypt's consumer banking sector.

The Dubai-listed lender said on Sunday that its wholly owned subsidiary, Emirates NBD Egypt, had signed definitive agreements to acquire the retail banking business of HSBC Bank Egypt. The transaction remains subject to regulatory approvals and customary closing conditions.

Under the agreement, Emirates NBD Egypt will take over HSBC Egypt's retail banking portfolio, including its customer base, branch and ATM network, and the employees supporting the business.

The bank said the acquisition is expected to strengthen Emirates NBD Egypt's position as a leading retail and premium banking franchise in the country while enhancing connectivity across the UAE-Egypt banking corridor.

Key growth market

Egypt remains one of Emirates NBD's key regional growth markets as the group continues to expand its international operations.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt, said the investment reflected the bank's long-term confidence in Egypt.

"Our investment reflects our continued confidence in Egypt's dynamic market and its long-term growth prospects. We look forward to further expanding our footprint in the country and contributing to Egypt's continued economic growth and development."

Shayne Nelson, Group CEO of Emirates NBD and Vice Chairman of Emirates NBD Egypt, described the acquisition as another milestone in the group's regional expansion strategy.

"The acquisition of HSBC Egypt's retail banking business marks an important milestone in the execution of our regional growth 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."

Amr ElShafei, CEO and Managing Director of Emirates NBD Egypt, said the transaction would expand the bank's ability to serve customers across the country.

"This acquisition marks an important step for Emirates NBD Egypt's growth and further enhances our ability to serve customers across the country. We look forward to welcoming HSBC's customers to Emirates NBD Egypt, offering seamless financial solutions, comprehensive digital banking services and a customer focused banking experience backed by the strength of the wider Emirates NBD Group."

Growing regional business

Emirates NBD has been steadily expanding its international business, with overseas operations now contributing about 36 per cent of the group's total income.

The bank operates in 13 countries across the Middle East, North Africa, Türkiye and South Asia, serving more than 25 million active customers.

As of June 30, 2026, Emirates NBD reported total assets of about $360 billion and first-half net profit of approximately $3.5 billion. The lender has a market capitalisation of around $52 billion and is 56 per cent owned by the Dubai Government through the Investment Corporation of Dubai and Dubai Holding Group.

The group operates 1,425 branches and 4,948 ATMs and smart deposit machines across its network.

Emirates NBD Egypt expands

Emirates NBD Egypt currently operates 64 branches across Greater Cairo, the North Coast, Delta, Canal, Upper Egypt and the Red Sea region, supported by more than 2,300 employees.

The subsidiary reported total assets of about $5 billion as of June 30, 2026.

The acquisition is expected to increase Emirates NBD Egypt's scale in the country's retail banking market by adding HSBC Egypt's retail customers, branches and distribution network once the transaction receives regulatory approval and is completed.