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Emirates NBD Egypt entered into definitive agreements to purchase the retail banking business of HSBC Egypt, according to a statement released by the UAE-based lender on August 2, 2026. The transaction encompasses the full retail portfolio together with its branch and ATM network, customer accounts and relevant employees. The deal remains subject to approvals from Egyptian regulators and other closing conditions, with no financial terms disclosed in the announcement.
The acquisition will strengthen Emirates NBD Egypt’s standing as a leading retail and premium banking provider in the country while deepening economic links along the UAE-Egypt corridor, the statement said. Egypt represents a strategically vital market for the group’s broader regional growth objectives across the MENATSA region. Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD and chairman of its Egyptian unit, said in the statement, “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 chief executive of Emirates NBD, described the purchase as an important milestone for the bank’s regional strategy in the same statement. The move supports ambitions to expand the customer base in a core market where the group has operated since 2013. Amr ElShafei, chief executive of Emirates NBD Egypt, added that the transaction will improve service capabilities, allowing the bank to welcome new customers with seamless solutions, digital platforms and a focus on client needs backed by the parent group’s resources.
Emirates NBD first established its Egyptian presence through an acquisition more than a decade ago and now maintains 64 branches across key regions including Greater Cairo, the Delta and Upper Egypt, according to the group’s latest overview. The local subsidiary employed more than 2,300 staff and reported total assets of approximately $5 billion as of June 30, 2026. The parent banking group, which operates in 13 countries and serves over 25 million customers, posted group-wide assets of around $360 billion at the same date.
HSBC had launched a strategic review of its Egyptian retail operations in October 2025 as part of a global simplification programme that previously led to divestments in countries including Bahrain, a statement from the British bank at the time indicated. Several other Egyptian lenders, including Commercial International Bank, had shown interest in the portfolio during the process, according to regulatory filings earlier in 2026. The agreement with Emirates NBD marks the conclusion of that review.
International activities already account for nearly 36 percent of Emirates NBD’s total income, the lender’s corporate disclosure showed. The bank, 56 percent owned by the Dubai government through investment vehicles, maintains a market capitalisation of approximately $52 billion. The Egyptian deal aligns with a pattern of targeted acquisitions that have expanded the group’s footprint in high-potential markets across the Middle East and beyond.
