CAIRO, EGYPT / DUBAI, UAE (WAM) – Emirates NBD Egypt S.A.E., a 100% owned subsidiary of Emirates NBD Bank (P.J.S.C.), today announced that it has entered into definitive agreements to acquire the retail banking business of HSBC Bank Egypt S.A.E., an indirect subsidiary of HSBC Holdings PLC.
The transaction remains subject to regulatory approvals and closing conditions.
As part of the transaction, Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio along with the associated branch and ATM network, customer base and relevant employee base.
The transaction is expected to enhance Emirates NBD Egypt’s market positioning as a leading retail and premium banking franchise in Egypt, while deepening the connectivity for the Group across the UAE-Egypt corridor.
Egypt is a strategically important market for Emirates NBD and a key pillar for driving Group’s regional growth ambitions and further expanding its presence in one of its core markets.
Commenting on the announcement, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates NBD Egypt, said, “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, said, “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, “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.”
SOURCE: NEWS COURTESY: WAM NEWS (www.wam.ae); Illustrative Image Used.
