Mashreq Bank

Mashreq Bank

Infobox Company
company_name = Mashreqbank psc
company_type = Public
foundation = 1967
location = Dubai, United Arab Emirates
key_people = Abdullah Al Ghurair(Chairman of the board), Abdul Aziz Al Ghurair(CEO)
industry = Financial Services
products = Banking and insurance
revenue = $770 million (2006)
homepage = http://www.mashreqbank.com/

Mashreqbank PSC is one of the leading banks in the United Arab Emirates (UAE), with total assets as at 31 December 2006, of US$23.86 billion, net profits of US$ 627.95 million and shareholders equity of US$ 2.01 billion. The bank is listed on the Dubai Financial Market. The Bank is also the largest privately owned Bank in the UAE

History

The bank was established in 1967 as the Bank of Oman Limited. It is the second oldest commercial bank in the UAE. In 1991 the bank changed in name to Mashreqbank. The bank 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 receipient of several awards including the Dubai Quality Award, Shaikh Khalifa Award for Excellence as well as other citations from financial magazines.

Management

The bank is controlled by the Al-Ghurair Group of Dubai. The CEO Abdul Aziz Al Ghurairwas also recently 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 support divisions, and report directly to the CEO

Franchise

The bank has a strong franchise in retail and corporate banking in the UAE. The bank has a relationship with one in every two households in the country 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 market.

The bank operates 48 branches in the UAE.The bank also operates branches/representative offices in Qatar, Bahrain, India, Hong Kong, Bangladesh, Egypt, Pakistan, UK and USA.


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