Mashreqbank joins hands with Mizuho

Mashreqbank has tied up with Mizuho Corporate Bank (MHCB) of Japan to create the Mizuho-Mashreq Japan Desk.

The new entity has been formed with an aim to facilitate UAE-Japan trade which is currently valued at $12 billion.

"Almost 70 per cent of the 140 odd Japanese business firms established in the UAE have banking relations with Mashreqbank and the new desk will certainly help make business dealings between the two countries easier," said Abdul Aziz Al Ghurair, CEO of Mashreqbank.

MHFG, which boasts the largest trade finance portfolio in Japan, has 664 branches servicing over 30 million personal accounts, 1,700 corporate clients, including more than 70 per cent of the listed companies on the Tokyo Stock Exchange and 5,000 governmental agencies, including 35 out of 47 local governments.

The Japan Desk partnership will provide working capital, primarily in the form of trade finance, to Japanese corporations for opening, operating or expanding their operations in the UAE and the region.