HSBC Bank Egypt SAE is a multinational bank in Egypt, providing a wide range of banking and related financial services through a network of 100 branches and 20 mini bank units in Cairo, Alexandria, Sharm El Sheikh, Hurghada and 6th of October City.
HSBC is positioning Egypt as a central hub in continental and global value chains, leveraging the country's recent infrastructure developments in ports and road networks.[2]
In 2001, 2003 and 2005, The Banker magazine named it "Bank of the Year" in Egypt.
History
HSBC Bank Egypt was established in 1982 as Hongkong Egyptian Bank with 40% HSBC ownership. In January 1994, the bank was renamed Egyptian British Bank under the same shareholding structure. The bank took the name HSBC Bank Egypt in April 2001 following an increase in shareholding by the HSBC Group's from 40% to 94.5% of its issued share capital.
Following the 2011 Egyptian Revolution, HSBC was accused of helping to enrich high-ranking Egyptian political and economic officials, who are now at the center of corruption investigations.[3]