Matouk Bassiouny & Hennawy (MBH), acting as local Egyptian legal counsel to Emirates NBD P.J.S.C., advised on the acquisition, by its wholly owned Egyptian subsidiary, Emirates NBD Egypt S.A.E., of the retail banking business of HSBC Bank Egypt S.A.E.
The transaction follows a competitive sale process conducted by HSBC, following which Emirates NBD was selected as the successful bidder. Completion of the transaction remains subject to the satisfaction of regulatory approvals and closing conditions.
Upon completion, Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio, together with the associated branches, ATM network, customer base, relevant employees and related business operations. The transaction is expected to further strengthen Emirates NBD Egypt’s position in the Egyptian banking sector while enhancing connectivity across the UAE–Egypt corridor. The acquisition represents one of the most significant banking M&A transactions in Egypt in recent years.
Acting as local Egyptian legal counsel, MBH advised Emirates NBD on all aspects of Egyptian law, including legal due diligence, negotiation of the transaction documentation and the Egyptian banking regulatory aspects of the transaction. Clifford Chance acted as international legal counsel to Emirates NBD, and the firms worked closely together to deliver an integrated cross-border legal advisory team.
The matter was handled by MBH’s Corporate and Mergers & Acquisitions Department, headed by Omar Bassiouny, Founding Partner and Group Head of Corporate and M&A with the transaction team led by May Elshaarawy, Partner and Toaa Alaa, Senior Associate.
This transaction further demonstrates MBH’s extensive experience advising on complex mergers and acquisitions in the banking sector, including share and asset transactions, as well as some of Egypt’s most significant banking sector consolidation transactions.