No financial terms were disclosed, although HSBC said the transaction is expected to generate a pre-tax gain of around USD 300 mn for HSBC Group. The sale still needs regulatory sign-off before it can go through.<\/p>\n
For now, nothing changes: HSBC said in a separate release that \u201cthere are no immediate changes for HSBC Egypt\u2019s retail customers and their HSBC products and services will continue to operate as normal. The bank said it expects the transaction to complete in the second half of 2027.<\/p>\n
KEY CONTEXT- It\u2019s the second big move this summer for Emirates NBD, which is majority controlled by the Emirate of Dubai, after its USD 2.8 bn acquisition in June of a 60% stake in India\u2019s RBL Bank<\/a>.<\/p>\n BACKGROUND- The lender put its retail business in Egypt in what it calls \u201cstrategic review<\/a>\u201d last October, saying at the time that the process wouldn\u2019t touch its commercial and institutional banking units. By February, HSBC was weighing at least four suitors<\/a> for the portfolio. CIB said in a statement<\/a> that it had clearance to start due diligence, while Emirates NBD and QNB Al Ahli were also said to be bidding.<\/p>\n REMEMBER- HSBC\u2019s corporate and investment banking franchise isn\u2019t going anywhere. HSBC Egypt\u2019s CEO Todd Wilcox told us<\/a> in February the bank is \u201csquarely focused on the needs of our corporate and investment banking clients\u201d in Egypt, pointing to roadshows and reverse roadshows connecting local issuers with investors in China, Singapore and the UK, and to an inflow of Chinese and Turkish manufacturers drawn by Egypt\u2019s cost advantages.<\/p>\n The sale fits with HSBC\u2019s global pullback from retail banking, which kicked off in mid-2023, when then-CFO Georges Elhedery put 12 countries on an exit watchlist<\/a> \u2014 and accelerated after he became group CEO in 2024, refocusing the bank on corporate, institutional, and wealth banking in core markets. The bank has already fully or partially exited Canada, France, South Africa<\/a>, Sri Lanka, and Australia<\/a>, and has announced or concluded exits in Argentina, Bahrain, and Bangladesh.<\/p>\n HSBC said on Friday<\/a> that it will be closing all of its retail branches in Australia over the next 18 months.<\/p>\n We\u2019ll have the full story \u2014 including what this means for HSBC Egypt\u2019s clients \u2014 in tomorrow\u2019s EnterpriseAM Egypt.<\/p>\n The EnterpriseAM Egypt Forum is back \u2014 and this year, we\u2019re giving the full day to the one question on every business leader’s mind: What does AI actually mean for your company, your people, and your own job?<\/p>\n Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We’re all figuring it out in real time \u2014 and for Egypt, the stakes are unusually high.<\/p>\n Egypt could leapfrog a generation on the back of this technology \u2014 or watch AI hollow out the industries and jobs we can’t afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.<\/p>\n Every session on stage answers one question: \u201cSo, what do I actually do about it?\u201d<\/p>\n Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.<\/p>\n Request your invitation here<\/a>.<\/p>\n THE BIG STORY ABROAD-<\/p>\n \ud83c\udf10 There\u2019s no clear frontrunner on the global news agenda this afternoon, but among the stories topping today\u2019s international headlines are, of course, the latest developments in the US-Iran situation. US President Donald Trump signaled a possible pause in US-Iran hostilities, stating that he\u2019s canceling a planned strike on Iran if Tehran moves swiftly toward an agreement, adding that talks on reopening the Strait of Hormuz are progressing. Iran has yet to publicly acknowledge any change in its position.<\/p>\n The announcement followed reports that Saudi Crown Prince Mohammed bin Salman had called for de-escalation. No fresh strikes were reported overnight, though Washington is still urging Americans in the Middle East to consider leaving the region amid ongoing security concerns.<\/p>\n ^^Read more on: CNN<\/a>, BBC<\/a>, Reuters<\/a>, and The Guardian<\/a>.<\/p>\n MEANWHILE- The climate crisis shows no signs of slowing down as wildfires rage across Washington. A fast-moving wildfire forced thousands to evacuate in Spokane, Washington, on Saturday after strong winds and soaring temperatures drove the blaze across the Spokane River and toward residential neighborhoods. The cause of the fire remains under investigation, authorities said.<\/p>\n ^^Read more on: CNN<\/a>, Reuters<\/a>, and the Associated Press<\/a>.<\/p>\n ALSO- Following this past weekend\u2019s unprecedented migrant surge into Ceuta \u2014 which saw most of the estimated 60k migrants return to Morocco<\/a> after conditions in the Spanish enclave deteriorated rapidly \u2014 Madrid has installed a 500-meter sea barrier along the border with Morocco. Spanish officials also revised the humanitarian toll of the crisis, saying at least 67 migrants died during the crossing, including people who drowned and others killed in a stampede.<\/p>\n ^^Read more on: Reuters<\/a>, CNN<\/a>, and the Associated Press<\/a>.<\/p>\n \nGet Enterprise daily\n<\/p>\n The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n Subscribe here<\/a><\/p>\n ** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/p>\n The Electricity Ministry hiked household electricity tariffs<\/a> by an average of 12%, though the lowest consumption bracket will remain unchanged. The new structure keeps most residential users well below full cost recovery as the government tries to narrow the power sector\u2019s funding gap without removing support from the lowest-consuming households; \u2600\ufe0f TOMORROW\u2019S WEATHER- If you\u2019re looking for some form of reprieve on the weather front following a particularly scorching weekend, keep looking. It\u2019s going to be yet another hot day in the capital tomorrow, with the mercury set to peak at 38\u00b0C before dropping to an overnight low of 24\u00b0C. Still on the North Coast? Expect a reasonable high of 31\u00b0C and a low of 24\u00b0C, according to our favorite weather app.<\/p>\n \n\tRelated<\/p>\n","protected":false},"excerpt":{"rendered":"Good afternoon, ladies and gentlemen. We hope the weekend treated you well \u2014\u00a0another week, another scorcher ahead. Still…\n","protected":false},"author":2,"featured_media":95881,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[20667],"tags":[714,33581,9881,40739,15641,40779],"class_list":["post-95880","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hsbc","tag-banking","tag-emirates-nbd","tag-hsbc","tag-hsbc-egypt","tag-ma","tag-what-were-tracking-tonight"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117027507013160560","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/95880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=95880"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/95880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/95881"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=95880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=95880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=95880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/08\/432.jpg\"\/)
<\/p>\n
\nA fresh USD 1.8 bn IMF tranche lands tomorrow, after the Executive Board signed off on the seventh review<\/a> of the country\u2019s USD 8 bn Extended Fund Facility and the second review under the Resilience and Sustainability Facility. The approval unlocks immediate access to the tranche, which should hit state coffers tomorrow;
\nThe Oil Ministry is targeting 160 oil and gas wells<\/a> this fiscal year, backed by at least USD 7.2 bn in planned investment from foreign partners, with some 70% of the program earmarked for development wells to raise output from existing fields.<\/p>\n