HSBC agrees to sell retail banking business in Egypt to Emirates NBD
HSBC Egypt has entered into an agreement to sell its retail banking business to Emirates NBD Egypt, part of a leading bank group in the region. The transaction excludes the wholesale banking activities of HSBC Egypt’s Corporate and Institutional Banking business. Egypt remains an important market for HSBC with strong growth potential, and the bank will continue to support its corporate and institutional banking clients in the country.
We are focused on supporting our impacted colleagues and customers in Egypt and will work closely with Emirates NBD to facilitate a smooth transition, subject to the Central Bank of Egypt’s approval. There are no immediate changes for our retail banking customers. The sale is expected to complete in the second half of 2027, subject to regulatory approvals.
The HSBC products and services they use will continue to operate as normal. Any changes will be communicated well in advance.
The Money Market Fund is now open for subscription.
The Money Market Fund units redemption cut-off times are as follows:
-Over the counter:
From 8:30 am to 1:00 pm, from Sunday to Thursday.
-Through HSBC Online Banking:
From 9:00 am to 11:30 am, from Sunday to Thursday.
For daily price updates please visit the HSBC Money Market Fund page on Bloomberg site.
Money Market Fund Guidelines for Redemption through Online Banking.
Log on to your Online Banking
Select Contact us from the top navigation
Select send a Secure Message option
Select send us a message from the top right corner
Under what is your enquiry about? Select Redeem Money Market Units from drop-down menu
Please consider the following guidelines when posting your Money Market Fund redemption request:
Requests should be submitted between 8.30am and 11.00am CLT (Cairo local time), except during the holy month of Ramadan requests should be submitted between 9.30am and 11.30am CLT
Requests submitted before or after the mentioned time frame will be cancelled and a new request must be submitted the following working day during the specified time
Requests should be submitted during official working days (weekends or official holidays are excluded)
In case of redeeming existing units, sufficient value should be available in your Money Market Fund account
Requests should clearly mention the credit account for redemption transaction
Redemption requests must be in number of units. The equivalent amount will be credited to your EGP account
Redemption requests should be made through your EGP account only (crediting foreign currency is not applicable)
Third party transactions are not allowed
Your request to transfer units between Money Market accounts (MMI accounts) are not allowed
Kindly be advised that the bank will not process your request if it is not aligned with the above mentioned guidelines and it will be cancelled. Hence a new valid request will be required.