HSBC Continues Overhaul With Egypt Retail Review
In the latest development in HSBC’s global overhaul, the London-headquartered lender said it would review its retail business in Egypt.
HSBC is undertaking a strategic review of its retail banking business in Egypt, according to a statement. It will consider all options, though no decisions have been made. The review does not include wholesale banking activities in the North African country, where it has had a presence since 1982.
«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 bank said.
HSBC continues its global revamp with a focus on retail banking, with the sale of its Sri Lanka business in September and the shutdown of its Bangladesh business in July. It has not engaged solely in divestments with the proposed takeover of Hong Kong-based Hang Seng Bank earlier this month.
