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HSBC plans to expand retail operations in Egypt
- Egypt: Wednesday, October 03 - 2012 at 02:09
Europe's largest bank, HSBC is seeking to boost its consumer lending and wealth management businesses in Egypt, as the country recovers from political unrest and its European rivals sell units there, Bloomberg has reported. The bank is expanding its network of 100 branches in the most-populous Arab country and will be the first to introduce mobile banking services there, said Francesca McDonagh, the Dubai-based head of retail banking and wealth management for HSBC in the Middle East and North Africa. "Egypt for me, in terms of organic growth, is a fantastic market both in terms of the retail side and also over time, in wealth management," McDonagh said. "You have got a very large population, you have got a young population, a number of people coming into the work force, very high savings rates and you have low borrowing relative to other markets in this region."
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