Tourism decline hits HSBC

HSBC has shut down two of its branches recently in Sharm el-Sheikh and Hurghada because of the slowdown in the tourism sector.

Bank officials told The Daily News Egypt that the decision to open or close a branch depends on the needs of the market and demand by individuals or companies.

The decision to close the branches does not necessarily mean that the bank is cutting back its activity in Egypt. The officials also said that the bank recently opened the El Batal Ahmed Abdel Aziz branch in Mohandeseen, Cairo, and that the bank will soon open a branch in both 6th of October City and Alexandria.

They said that the new branches indicate that HSBC is continuing its policy of expansion within Egypt. The officials added that HSBC Egypt is also expanding the business by offering electronic banking services to Egyptian clients. The services include 270 automated teller machines (ATM) distributed in various Egyptian cities as well as internet banking.