Emirates NBD to Acquire HSBC Egypt Retail Banking Business

Emirates NBD Bank has agreed to acquire the retail banking business of HSBC Egypt. The deal is part of broader activity in Egypt's banking sector, which also includes a new expatriate banking data initiative and a focus on remittances from Egyptians abroad. Egypt's prime minister said those remittances are bolstering the country's economic resilience. Separately, Egypt approved an average 12% increase in household electricity tariffs.