Emirates Nbd (ENBD.DU): First Take of ENBD‘s Acquisition of HSBC Egypt Retail Business

Research evidence excerpt

Emirates Nbd (ENBD.DU): First Take of ENBD‘s Acquisition of HSBC Egypt Retail Business

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03 Aug 2026 01:21:14 ET │ 11 pages

Emirates Nbd (ENBD.DU)

First Take of ENBD's Acquisition of HSBC Egypt Retail Business

CITI'S TAKE

Buy Emirates NBD announced via a DFM release yesterday (link, 2nd Aug

2026), that it has entered into definitive agreements to acquire the retail Price (31 Jul 26 14:00) Dh30.20

banking business of HSBC Bank Egypt. The transaction remains subject to Target price Dh35.75

regulatory approvals and closing conditions. Note that as per earlier media Expected share price return 18.4%

reports (link, Enterprise AM, 25 Feb), COMI was looking to acquire HSBC’s Expected dividend yield 3.3%

Egypt retail operations – and as per recent disclosures by COMI’s Expected total return 21.7%

management team – had submitted a bid.

Market Cap Dh190,761M

US$51,936M

What ENBD Said?

While ENBD did not disclose financial terms of this transaction, the bank further

elaborated on the release (linked above) that as part of the transaction, ENBD Egypt Rahul Bajaj, CFAAC

will acquire HSBC Egypt’s associated branch and ATM network, customer base and +971-46044894

relevant employee base. They further flagged that the transaction is expected to rahul.bajaj@citi.com

enhance ENBD Egypt's market positioning as a leading retail and premium banking

Nitesh Agarwal

franchise in Egypt, while deepening the connectivity for the Group across the UAE- +91-22-4277-5161

Egypt corridor. nitesh.agarwal@citi.com

Sizing ENBD Egypt

ENBD Egypt currently serves customers through a network of 64 branches/2.3k

employees and has total reported assets of USD c.5bn. This currently is c.1.4% of

group assets. In case of HSBC Egypt (based on locally disclosed 1Q26 financial