Mashreq Expand Heavily in Abu Dhabi

ABU DHABI, UAE - Increase in Branches, Appointment of General Manager in Abu Dhabi, and Increased Support to Real-Estate Enterprises

Leading financial institution, Mashreq, has unveiled 16 new branches throughout Abu Dhabi and Al Ain, as part of its expansion plans in the Capital. This increased presence is a result of the rise in customer demand, and future growth plans include 10 new ATM machines, bringing the total to 46.

CEO, H.E. Abdul Aziz Al Ghurair has driven Mashreq’s expansion plans in Abu Dhabi to reflect the Bank’s current strength and presence in Dubai, by offering the same level of accessibility and service to all customers, making sure that Mashreq accommodates the individual needs of each emirate.

H.E. Abdul Aziz Al Ghurair, comments, “Abu Dhabi has always been one of our primary targets for Mashreq’s operations, and given the recent market changes and the increase in commercial trade diverted to the Capital, our growth plans have been supported. It was essential to expand our business to accommodate the increasing demand for convenient and secure banking solutions within the Emirate and for our presence to reflect the economic boost that Abu Dhabi continues to experience.

“Mashreq is a National Bank and as such, it is very important for us to grow and develop our offering in line with the growth of our target markets. Our strategic growth plans remain very much on track, and along with our significant expansion in Abu Dhabi, we have also seen the opening of new regional branches in Egypt, Qatar and Kuwait.

“Our overall goal remains unchanged, to become the most convenient bank across all the markets in which we have a presence, and our accomplishments over the last year show that we have made significant steps towards achieving this.”

To support the expansions in Abu Dhabi, the Bank has also appointed Ali Moosa as General Manager in Abu Dhabi & Al Ain. Moosa joined the Mashreq organization seven years ago. His vast experience in the banking industry, and specifically in Abu Dhabi, gives him the right balance of expertise and local experience.

Ali Moosa, General Manager, Abu Dhabi & Al Ain, Mashreq comments, “Emiratisation remains as one of Mashreq’s top priorities. We hope to contribute to the development of the local society through the introduction of various opportunities for the younger generations, who have yet to experience employment, and grow the local talent into the future leaders of Mashreq. We are proud to announce that today we have reached 47% in Emaratisation, across all Mashreq branches in Abu Dhabi.”

“As part of Mashreq’s ongoing commitment to Abu Dhabi’s Economic Vision 2030; there will be an increased focus on the real estate sector. Mashreq has entered into strategic partnerships with leading developers in Abu Dhabi such as Aldar, TDIC & Sorouh, to help customers wishing to invest in property in Abu Dhabi, finance their new homes. Mashreq offers these services throughout its Abu Dhabi branches, using a specialised team of advisors.”

About Mashreq:

Mashreq is the largest private bank in the UAE and the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers’ cheques, credit cards and ATMs.

The bank’s total assets by the end of June 2009 reached AED96.7 billion. Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euromoney and various awards particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. It’s most recent acknowledgement was Best Consumer Internet Bank in Qatar and Best Consumer Internet Bank regionally by Global Finance Awards 2009.

As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.

For more information, please call: Saad Hakim PR Manager, Mashreq Tel: +971(0)50-8119923 Email: Saadha@masherqbank.com

Source: Mashreq Bank

For more information, please call: Saad Hakim, PR Manager, Mashreq, Tel: +971(0)50-8119923, Email: Saadha at masherqbank.com