Mashreq (Bank)


Mashreq (Bank)
Mashreqbank psc
Type Public (DFM:MASQ)
Industry Financial Solutions
Founded 1967
Headquarters Dubai, United Arab Emirates
Key people Abdullah Al Ghurair(Chairman of the board), Abdul Aziz Abdullah Al Ghurair(CEO)
Website http://www.mashreqbank.com/

Mashreq PSC is one of the leading financial institutions in the United Arab Emirates (UAE), with total assets as of 31 December 2010, of AED 84.8 Billion and net profits of AED803 Million. The bank is listed on the Dubai Financial Market.

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History

Mashreq is the second oldest commercial bank in the UAE established in 1967 as the Bank of Oman Limited. In 1993, the bank changed its name to Mashreq bank and since then, it has been a pioneer in the UAE market having been the first to introduce products such as ATMs and credit cards. The bank is also the recipient of several awards including the Dubai Quality Award, Shaikh Khalifa Award for Excellence, Best Bank in the UAE award by The Banker awards as well as other citations from financial magazines such as Banker Middle East.

Management

Mashreq’s CEO is Abdul Aziz Al Ghurair was elected as the speaker of the Federal National Council of the UAE. Day-to-day management is the responsibility of the Chief Executive Officer who is also a member of the Board. Top management is headed by Members of the Leadership Forum who lead the bank's seven business groups and its divisions and report directly to the CEO.

Franchise

The bank has a strong franchise in retail and corporate banking in the UAE. Mashreq is a leader in the banking industry with a wide range of product offerings in every segment. The bank's unique MashreqMillionaire savings program with prize draws running to millions of Dirhams is one of the most popular banking products in the UAE. The bank operates 53 branches in the UAE. Mashreq also operates branches/representative offices in Qatar, Bahrain, Kuwait, Egypt, India, Hong Kong, Bangladesh, Nepal, Pakistan, UK and USA. Mashreq's current auditors are Deloitte & Touche ME.

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