HSBC Sells Egypt Retail Business, Australia Loans in Global Retreat

HSBC is reducing its consumer-banking footprint in smaller markets as Chief Executive Georges Elhedery simplifies the group and concentrates capital on Asia, wealth management and international corporate banking. The lender began reviewing its Egyptian retail operation in October 2025 while stressing that Egypt remained strategically important. HSBC plans to retain its corporate and institutional banking franchise in the country, separating that business from the consumer assets being sold.

HSBC agreed on Aug. 3, 2026, to sell its Egyptian retail banking business to Emirates NBD Bank, with financial terms undisclosed and completion subject to regulatory approvals. The agreement follows HSBC’s July 31 deal involving an A$36 billion ($25 billion) Australian home-loan portfolio, whose acquisition is being financed by Blackstone-managed funds. Servicing of the Australian loans is expected to transfer in the first half of 2027 as HSBC winds down its remaining retail products there.