Mashreq to close 50 per cent of branches this year
Move is part of digital transformation
- Mashreq, a Dubai based financial institution, plans to close 50 per cent of its branch network this year
- Abdul Aziz Al Ghurair, Chief Executive of Marshreq, says some of the branches will be transformed into digital branches
- Branch closures and digitisation unlikely to result in massive lay-offs, Al Ghurair said.
Dubai: Mashreq, a Dubai based financial institution plans to close 50 per cent of its branch network this year, said Abdul Aziz Al Ghurair, Chief Executive of Marshreq.
Speaking to reporters, Al Ghurair said, the bank is reducing the number of its traditional branch network while some of these branches will be transformed into digital branches.
“The branch closures are part of our digital transformation journey. In fact our business is growing and our new digital channels will continue to support our growth.
Al Ghurair said, the banking sector in the UAE is expected to register 6 to 6.5 per cent asset growth this year while the economy is expected to grow 3 per cent in 2019.
Branch closures and digitisation is unlikely to result in massive lay-offs, he said.
“We are giving opportunities to our employees to retrain themselves for new roles within the organisation. Most of them have a choice to take up a new job within Mashreq.