Dubai: Dubai headquartered Mashreq will soon launch digital banking operations in Pakistan, after going through a 'successful incorporation'.
"This marks a significant milestone in Mashreq’s strategic expansion and underlines its commitment in driving digitization and financial inclusion in high growth markets," the bank said in a statement.
A delegation from Mashreq, including senior members of the executive committee, had visited Pakistan to mark the milestone. It included independent board members Syed Naseer Hassan and Rashid Khan.
"Our foray into Pakistan is a pivotal moment for Mashreq, marking a new chapter in our strategic expansion," said Fernando Morillo, Group Head of Retail Banking at Mashreq. "We eagerly anticipate the opportunities to collaborate with local stakeholders and contribute towards a robust digital ecosystem that will transform the country's financial landscape.
We are committed to playing a vital role in the country's digitization efforts and financial development, particularly in the sectors of SME, payments, and inclusion.
"The bank's tech-ready infrastructure, coupled with its digital DNA, will be leveraged to empower customers in the market, meet their evolving needs, deliver seamless banking experiences and support the country's vision of a financially inclusive, digitally led economy.”
Mashreq already has a Centre of Excellence (CoE) in Pakistan.
Some of UAE's biggest banks now have built up extensive interests in key overseas markets such as Turkey, Egypt, India and the UK. In their recent financials, these exposures have added further weight to their top-line and profit numbers. (On the downside, there are stakes held in Lebanon, which continue to be a drag on financials.)