Business | Banking

Mashreq expands network

Mashreq Bank, one of the largest financial institutions in the UAE, Monday said it has unveiled 16 new branches throughout Abu Dhabi and Al Ain as part of its expansion plans in the capital.

  • Staff Report
  • Published: 23:11 August 24, 2009
  • Gulf News

Dubai: Mashreq Bank, one of the largest financial institutions in the UAE, Monday said it has unveiled 16 new branches throughout Abu Dhabi and Al Ain as part of its expansion plans in the capital.

This increased presence is a result of the rise in customer demand, and future growth plans include 10 new ATM machines, bringing the total to 46.

Mashreq chief executive Abdul Aziz Al Ghurair has driven Mashreq's expansion plans in Abu Dhabi to reflect the bank's current strength and presence in Dubai, by offering the same level of accessibility and service to all customers, making sure that Mashreq accommodates the individual needs of each emirate.

"Abu Dhabi has always been one of our primary targets for Mashreq's operations, and given the recent market changes and the increase in commercial trade diverted to the Capital, our growth plans have been supported.

"It was essential to expand our business to accommodate the increasing demand for convenient and secure banking solutions within the Emirate and for our presence to reflect the economic boost that Abu Dhabi continues to experience," Al Ghurair said in a statement.

"Mashreq is a national bank and as such it is very important for us to grow and develop our offering in line with the growth of our target markets. Our strategic growth plans remain very much on track, and along with our significant expansion in Abu Dhabi, we have also seen the opening of new regional branches in Egypt, Qatar and Kuwait.

"Our overall goal remains unchanged, to become the most convenient bank across all the markets in which we have a presence, and our accomplishments over the last year show that we have made significant steps towards achieving this."

To support the expansions the bank has also appointed Ali Mousa as general manager in Abu Dhabi and Al Ain. Mousa joined the Mashreq organisation seven years ago. His vast experience in the banking industry, specifically in Abu Dhabi, gives him the right balance of expertise and local experience.

Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. It was among the first banks in the region to launch travellers' cheques, credit cards and ATMs. The bank's total assets by the end of June 2009 reached Dh96.7 billion.

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