HSBC said on Thursday it will conduct a strategic review of its Egyptian retail banking business as part of the wider restructuring of its global operations.
The Asia-focused bank, which has been scaling back its worldwide operations as part of an overhaul started last year, said in a statement it “will consider all options for the retail banking business, and no decisions have been made”.
HSBC, which has had a presence in Egypt since 1982, said that the North African country is “an important market” and “has strong potential for growth”, adding that the review will not include its Egyptian wholesale banking activities.
No other activities in Egypt will be impacted, it added.
Under the restructuring, HSBC began winding down its M&A and some equities businesses in Europe and the Americas this year.
It also said it would carry out strategic reviews of its retail businesses in Australia, Indonesia, Sri Lanka and Bangladesh, and would divest its retail business in Bahrain.
(Reporting by Federico Maccioni, editing by Alexander Smith)
