Emirates NBD Egypt, a wholly-owned subsidiary of Emirates NBD, has signed final agreements to acquire the retail banking operations of HSBC Egypt, according to a statement from the UAE-based group dated August 2, 2026.
The statement noted that the completion of the deal remains subject to regulatory approvals and the fulfillment of closure conditions. The deal's value and expected completion timeline have not been disclosed.
Under the agreement, Emirates NBD Egypt will acquire HSBC Egypt's retail banking portfolio, including its branch network, ATMs, customer base, and associated staff, according to the statement.
The group says the acquisition will strengthen its Egyptian unit's position in retail and premium banking services and enhance connectivity between its operations in the UAE and Egypt, considering the Egyptian market as a cornerstone for its regional growth plans.
Hisham Abdullah Al Qassim, Vice Chairman of Emirates NBD and Managing Director, and Chairman of Emirates NBD Egypt, stated, "Our investment reflects our continued confidence in the dynamic Egyptian market and its long-term growth prospects. We look forward to expanding our presence in the country and contributing to Egypt's ongoing economic growth and development."
Shayne Nelson, Group CEO of Emirates NBD and Vice Chairman of Emirates NBD Egypt, said that acquiring HSBC Egypt's retail business "marks a significant milestone in executing the group's regional growth strategy," adding that the deal strengthens the group's presence in one of its key markets and supports its ambition to expand its customer base in Egypt.
Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, described the acquisition as a "significant step" in the bank's growth in Egypt, noting that the bank looks forward to welcoming HSBC customers and offering them digital banking services and a customer experience supported by the group's broader capabilities.
Emirates NBD operates in 13 countries, serving over 25 million active customers, according to the statement. Its market value was approximately $52 billion as of July 27, 2026, with total assets around $360 billion as of June 30, 2026. The group reported net profits of $3.5 billion in the first half of 2026, compared to $6.5 billion for the full year of 2025, noting that the comparison spans half-year and full-year periods, rather than matching timeframes.
The Dubai government holds 56% of the group through the Dubai Investment Corporation and Dubai Holding, the statement added. The group's operations include the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, Bahrain, along with representative offices in China and Indonesia.
In Egypt, Emirates NBD says its local unit serves customers through 64 branches covering key areas including Greater Cairo, the North Coast, Delta, the Canal, Upper Egypt, and the Red Sea, with a team of over 2,300 staff. Emirates NBD Egypt's assets amounted to about $5 billion as of June 30, 2026, the statement noted.