Emirates NBD has signed a definitive agreement to acquire the retail banking business of HSBC Bank Egypt, marking a significant step in the UAE lender's regional expansion strategy and strengthening its presence in one of its key international markets.
The transaction, announced on Sunday, will be carried out through Emirates NBD Egypt, the group's wholly owned subsidiary. Completion of the deal remains subject to regulatory approvals and customary closing conditions.
Under the agreement, Emirates NBD Egypt will acquire HSBC Egypt's retail banking portfolio, including its retail customer base, branch network, ATMs and the employees supporting the business.
The acquisition is expected to strengthen Emirates NBD Egypt's position in the country's retail and premium banking segment while enhancing banking connectivity between the UAE and Egypt.
"Our investment reflects our continued confidence in Egypt's dynamic market and its long-term growth prospects," said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt.
He added that the bank looks forward to expanding its footprint in Egypt while supporting the country's economic development.
Group Chief Executive Officer Shayne Nelson described the acquisition as another milestone in Emirates NBD's regional growth strategy.
"The acquisition of HSBC Egypt's retail banking business strengthens our presence in one of the Group's core markets and supports our ambition to continue growing our customer franchise in Egypt," Nelson said.
Amr ElShafei, Chief Executive Officer and Managing Director of Emirates NBD Egypt, said the transaction will enhance the bank's ability to serve customers across the country with broader financial products and digital banking services.
Egypt remains one of Emirates NBD's most important growth markets as the banking group continues expanding its international operations. Overseas businesses now contribute approximately 36% of the group's total income.
As of June 30, 2026, Emirates NBD reported total assets of around $360 billion and a first-half net profit of approximately $3.5 billion. The group serves more than 25 million active customers across 13 countries spanning the Middle East, North Africa, Türkiye and South Asia.
Emirates NBD Egypt currently operates 64 branches supported by more than 2,300 employees, with total assets of approximately $5 billion.
Once completed, the acquisition will significantly expand Emirates NBD Egypt's retail banking footprint by adding HSBC Egypt's customers, branches and distribution network, further reinforcing the bank's position in one of the region's fastest-growing banking markets.
