Emirates NBD Bank announced it will acquire the retail banking business of HSBC Egypt. This was reported by Qazaqyia.kz citing Reuters.
The deal is expected to close in the near future. This step is part of Emirates NBD's strategy to expand its presence in Egypt. An official statement about the acquisition was made, but financial terms have not been disclosed yet.
HSBC Egypt's retail banking business includes banking services for individuals. This deal reflects consolidation in the banking sector in the Egyptian market. Emirates NBD is considered one of the largest banks in the Middle East.