HSBC sells its retail banking business in Egypt, expecting to gain $300 million in pre-tax profit.

On the 2nd, HSBC Holdings announced that it has reached an agreement through its subsidiary, HSBC Bank Egypt, to sell its retail banking business in Egypt to the Emirates National Bank. The transaction is expected to be completed in the second half of 2027, at which time HSBC will realize approximately $300 million in pre-tax earnings. According to the agreement, the sale encompasses all retail loans, deposits, customer accounts, and related employees of HSBC Bank Egypt. HSBC stated that the transaction will have a minimal impact on its common equity tier 1 capital ratio.