HSBC: Egypt is becoming global services, knowledge hub

Egypt is increasingly becoming an exporter of knowledge, talent, and specialised services, HSBC executive Todd Wilcox said on Thursday, citing the expansion of the bank’s operations in Cairo.

Wilcox, deputy chairman and chief executive of HSBC, was speaking during a panel at the British Egyptian Business Association (BEBA) UK Business Mission 2026 in London.

He cited the growth of HSBC’s Global Service Centre in Cairo, which opened 16 years ago with 85 employees and now has more than 2,700 staff supporting operations across 35 countries.

He said the centre had evolved from handling basic customer service functions to more specialised work including trade documentation, cash management, risk management, compliance and back-office operations.

Wilcox described the Cairo hub as one of the group’s strongest-performing service centres globally, attributing its performance to local talent and multilingual capabilities.

He said advances in artificial intelligence and digital technology were expected to shift, rather than reduce, demand for services, with growth likely in higher-value functions such as compliance monitoring, data analysis and regulatory support.

Wilcox also pointed to potential for Egypt to develop into a regional centre for data infrastructure, noting growing investor interest in large-scale technology and energy-linked projects.

He said investor decisions in emerging markets were heavily influenced by predictability, policy credibility and the ability to repatriate profits and dividends.

Wilcox said recent reforms had improved investor confidence in Egypt, with multinational companies increasingly viewing the country as a stable long-term destination.

Asked about the pace of reform, he said change needed to accelerate to maintain competitiveness.

“I think it’s the pace of change,” he remarked.

He described Egypt as “a big engine” and “a big ship to turn,” adding that implementation of reforms across institutions was as important as legislation.

“Changing the law is one thing; getting everyone to use it effectively is another,” he noted, stressing that reforms must be translated into practical outcomes that drive growth, innovation, and competitiveness.

Wilcox said the private sector had a key role in driving innovation and supporting reform momentum.

Drawing on his experience in China, he said economic transformation ultimately depended on institutions and businesses adapting to new ways of working.

The remarks came during a panel discussion on digital infrastructure and investment opportunities at the BEBA business mission in London.