HSBC (HSBA.L) announced on Thursday that it will conduct a strategic review of its retail banking business in Egypt. This review is part of the bank’s broader restructuring of its global operations, initiated last year to streamline its business and focus on its core markets. HSBC is a global banking and financial services organisation, serving more than 40 million customers through a network that covers 62 countries and territories. The company aims to connect customers to opportunities, enabling them to thrive.
The bank, which has been scaling back its global footprint, stated that it will evaluate all options for the retail banking arm in Egypt. HSBC emphasised that no definitive decisions have been made at this stage. HSBC has maintained a presence in Egypt since 1982.
Despite the review, HSBC affirmed that Egypt remains an important market with significant growth potential. The strategic review will not extend to the bank’s wholesale banking activities in Egypt, and no other operations within the country will be affected. This announcement follows HSBC’s earlier moves to wind down its mergers and acquisitions (M&A) and some equities businesses in Europe and the Americas, which began earlier this year.
Additionally, HSBC has initiated strategic reviews of its retail businesses in Australia, Indonesia, Sri Lanka, and Bangladesh. It is also in the process of divesting its retail business in Bahrain, further demonstrating the bank’s commitment to reshaping its global operations and focusing on key strategic markets.