Emirates NBD acquires HSBC Egypt retail

Emirates (airline) S.A.E., a wholly owned subsidiary of Emirates (airline) Bank (P.J.S.C.), has entered into definitive agreements to acquire the retail banking business of HSBC S.A.E., an indirect subsidiary of HSBC Holdings PLC. The transaction encompasses HSBC Egypt's retail banking portfolio, including retail loans, deposits, accounts, associated branch and ATM network, and transferring employees. Completion is expected in the second half of 2027, subject to regulatory approvals, including from the Egypt — Central Bank of Egypt. HSBC expects an estimated pretax gain of about $300 million, to be recognized largely at completion and classified as a material notable item, with an immaterial impact on its Common Equity Tier 1 capital ratio. HSBC will retain its corporate and institutional banking operations in Egypt. Emirates (airline), which entered Egypt in 2013 through the acquisition of BNP Paribas Egypt, operates over 60 branches and about 2,600 employees. The acquisition is expected to strengthen Emirates (airline)'s position in retail and premium banking and enhance connectivity across the UAE-Egypt corridor. Emirates (airline) reported record first half 2026 pretax profit of $4.4 billion and total assets exceeding $354 billion. The sale follows a strategic review announced in 2025 as part of HSBC's group simplification programme.