Banking with HSBC in Egypt? Your Account Is Heading to Emirates NBD

HSBC is selling its retail banking business in Egypt to Emirates NBD, the Dubai-based lender announced on Monday — a deal that will eventually move every HSBC Egypt personal-banking customer, including residents on the Red Sea coast, to a new bank.

What is actually changing

• Emirates NBD Egypt has signed definitive agreements to take over HSBC Egypt's retail operations: the branch network, ATMs, customer accounts and the staff who run them.
• HSBC keeps its wholesale and business banking in Egypt — the sale covers personal banking only.
• The deal still needs regulatory approval and is expected to close in the second half of 2027.

What it means for customers

For now: nothing. Accounts, cards and branches operate as normal until the handover completes, and both banks will contact customers about the transfer as the closing date approaches. Emirates NBD, one of the Gulf's largest banks, has operated in Egypt through its subsidiary since 2013 and says the acquisition strengthens its retail and premium banking presence in the country.

The bigger picture

HSBC has been in Egypt since 1982, but the London-based group has been pulling out of retail banking in markets it considers peripheral to its strategy. HSBC expects the sale to generate a pre-tax gain of roughly USD 300 million. Neither side disclosed the purchase price.