Cairo: Emirates NBD Egypt S.A.E., a wholly owned subsidiary of Emirates NBD Bank (P.J.S.C.), has announced its entry into definitive agreements to acquire the retail banking business of HSBC Bank Egypt S.A.E., an indirect subsidiary of HSBC Holdings PLC. The finalization of this transaction is pending regulatory approvals and fulfillment of closing conditions.

According to Emirates News Agency, the acquisition will see Emirates NBD Egypt taking over HSBC Egypt's retail banking portfolio, inclusive of the branch and ATM network, customer base, and relevant employee base. This move is anticipated to boost Emirates NBD Egypt's standing as a prominent retail and premium banking entity in Egypt, while enhancing the Group's connectivity across the UAE-Egypt corridor.

Egypt holds strategic importance for Emirates NBD, acting as a crucial pillar for the Group's regional growth ambitions. The expansion aims to solidify Emirates NBD's presence in one of its core markets. Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, expressed confidence in Egypt's market dynamics and long-term growth potential, emphasizing the bank's commitment to expanding its footprint and contributing to Egypt's economic development.

Shayne Nelson, Group CEO of Emirates NBD, highlighted the acquisition as a significant step in their regional growth strategy, reinforcing the Group's presence in a key market and supporting the ambition to grow their customer franchise in Egypt. Amr ElShafei, CEO and Managing Director of Emirates NBD Egypt, noted the acquisition as pivotal for the bank's growth, enhancing their ability to offer comprehensive digital banking services and a customer-centric banking experience.