Egypt prepares to tackle seasonal air pollution in Nile Delta    Egypt's Sports Minister unveils national youth and sports strategy for 2025-2032    27 Western countries issue joint call for unimpeded aid access to Gaza    Egypt, Jordan to activate MOUs in health, industrial zones, SMEs    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt, Uganda sign cooperation deals on water, agriculture, investment    Egypt–Jordan trade hits $1 billion in 2024: ministry report    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Edita Food Industries Sees 72% Profit Jump in Q2 2025, Revenue Hits EGP 5 Billion    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Trump orders homeless out of DC, deploys federal agents and prepares National Guard    Egypt, Germany FMs discuss Gaza escalation, humanitarian crisis    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



HSBC buys key Lloyds banking units in UAE
Europe's largest bank boosts its Mideast presence, taking on nearly 9,000 new customers
Published in Ahram Online on 29 - 03 - 2012

HSBC, Europe's largest bank, is buying the onshore retail, corporate and commercial banking business of Lloyds Banking Group in the United Arab Emirates, to strengthen its Middle East presence.
HSBC is buying gross assets valued at $769 million at the end of 2011 and is expected to complete the deal in the second half of this year.
U.K.-based Lloyds, which is in the process of reducing its international presence, said the impact of the sale on its accounts was not expected to be material.
HSBC is acquiring a business with approximately 8,800 personal and commercial customers and a loan book of around $573 million. The deal excludes Lloyds' other private and expatriate off-shore operations based in the UAE.
"Acquisition opportunities in this region are scarce, and this is an important opportunity that we have seized," Simon Cooper, regional chief executive of HSBC Bank Middle East, told a media conference call.
He declined to give a value for the deal, which is subject to regulatory clearance. He denied HSBC was looking to buy Royal Bank of Scotland's banking licence in the country.
Lloyds, 40 per cent owned by the British government after a state bailout during the 2008 credit crisis, is shrinking to halve its international presence and cut 15,000 jobs.
HSBC's largest operations in the Middle East and North Africa region are based in the UAE. The bank has a presence in 14 countries across the region, which made a profit before tax of $1.49 billion in 2011.
The Lloyds transaction will give HSBC a branch in the upmarket Jumeirah neighbourhood of Dubai and a service centre in the Arabian Ranches area.


Clic here to read the story from its source.