HSBC Holdings' (HKG:0005) indirect subsidiary, HSBC Bank Egypt, agreed to sell its retail banking business to Emirates NBD Egypt.
The deal, which covers retail loans, deposits, accounts and related employees, is expected to close in the second half of 2027, subject to regulatory approvals.
HSBC expects the sale to generate an estimated pre-tax gain of about $300 million, largely to be recognized upon completion, with an immaterial impact on the group's common equity tier 1 capital ratio.
Shares of HSBC fell nearly 1% in recent trade.