HSBC to review retail banking business in Egypt
HSBC Bank Egypt S.A.E. (HSBC Egypt) today announces that its parent company, HSBC Holdings plc (HSBC Group), will undertake a strategic review of its retail banking business in Egypt
This follows the announcement earlier this year of strategic reviews of HSBC’s retail businesses in Australia, Indonesia, Sri Lanka and Bangladesh, and its decision to divest its retail business in Bahrain
The HSBC Group review will cover HSBC Egypt’s retail banking business only. It will consider all options for the retail banking business, and no decisions have been made
The review does not include the wholesale banking activities of HSBC Egypt’s Corporate and Institutional Banking business. Egypt is an important market for HSBC and has strong potential for growth. HSBC will continue to focus on driving two-way trade and investment flows to support multinational clients operating in Egypt and enable domestic wholesale clients to achieve their international ambitions
The review is part of HSBC Group’s ongoing simplification globally. HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage and where it has the greatest opportunities to grow and support its clients
Further announcements will be made if or when necessary
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