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Mashreq (bank)

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Mashreq Bank
Company typePublic
DFM: MASQ
IndustryFinancial services
Founded1967; 58 years ago (1967)
HeadquartersDubai, United Arab Emirates
Key people
Abdul Aziz Al Ghurair (Chairman)
Ahmed Abdelaal (CEO)
ServicesRetail banking
Asset management
Investment banking
Corporate banking
Business banking
Treasury and Capital Markets
Islamic Banking
RevenueIncrease AED 13.4 Billion (2024) [1]
Number of employees
6,163[1]
Websitemashreqbank.com

Mashreq (Arabic: بنك المشرق) is one of the oldest banking institutions in the United Arab Emirates and the Middle East.[3] Established in 1967 as the Bank of Oman Oman, the bank later rebranded as Mashreq and has since expanded its operations across multiple markets.

Services

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Mashreq provides a range of conventional and Islamic banking services, including personal banking solutions such as deposits, loans, and credit cards. The bank also offers corporate and investment banking services, including corporate finance, investment advisory on mergers and acquisitions, initial public offerings (IPOs), and underwriting.[4][5]

Additionally, Mashreq delivers wealth and asset management services, catering to both institutional and individual clients.[6]

Through its digital banking platform, Mashreq NEO, the bank provides UAE and Egypt residents with a suite of online banking services. The Mashreq NEO app offers functionalities such as account transactions, bill payments, reward tracking, and financial news updates.[7]

Global presence

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Mashreq operates in 14 countries, employing over 6,000 professionals from 70 nationalities. The bank has corporate banking operations in Oman, Bahrain, Qatar, Kuwait, and India, and provides corporate and retail banking services in Egypt. It has also obtained a restricted license from the State Bank of Pakistan to pilot digital retail banking operations. Additionally, Mashreq is involved in foreign exchange businesses in Bangladesh, Pakistan, and Nepal. Outside the Middle East and South Asia, Mashreq maintains full-service branches in New York, London, and Hong Kong.[8]

Recognitions

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In 2024, Brand Finance ranked Mashreq as the fastest-growing banking brand in the Middle East in its Banking 500 rankings. The bank was also named the Middle East's Best Digital Bank for the fifth consecutive year at the Euromoney Awards for Excellence. Additionally, The Banker's Top 1000 Global Bank Ratings recognized Mashreq as the Best Performing Bank in the UAE for the second consecutive year. The bank also received the Banking Group Brand of the Year – MENA award at the Global Banking & Finance Awards.[9]

Financial Performance

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For the year 2024, Mashreq reported a net profit before tax of AED 9.9 billion.[10]

Products

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Product offerings include:

  • Neo[11]
  • Neo Nxt
  • Business Banking and NEO BIZ
  • NEO CORP
  • PRIVATE BANKING
  • Treasury and Capital Markets
  • Digital IPO[12]
  • Blockchain with DIFC,[13]and launched the Titan platform for comprehensive corporate banking offering.

See also

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References

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  1. ^ a b "Mashreq Bank". Forbes.
  2. ^ "International Network". Mashreq Bank.
  3. ^ "History".
  4. ^ "SHARIA-COMPLIANT INVESTMENT". City Wire Middle East.
  5. ^ "Innovation, ESG to spur Islamic finance growth". Islamic finance growth. 26 July 2022.
  6. ^ "Mashreq: how to manage wealth through geopolitical uncertainty". December 2024.
  7. ^ "Mashreq Enhances Digital 'NEO' Experience for Customers by Launching 'Mashreq UAE' Banking App". January 2024.
  8. ^ "Mashreq expands corporate banking footprint". Zawya.
  9. ^ "Mashreq receives accolades at the Middle East Technology Excellence Awards 2024 for groundbreaking account opening solutions". Jan 2025.
  10. ^ "Mashreq reports record AED 9.9 billion net profit in 2024". Jan 2025.
  11. ^ "Mashreq becomes first bank in UAE to launch digital banking proposition for SMEs". WAM.
  12. ^ "Mashreq launches digital initiative to support Dubai's IPO push". Arabian Business. 25 March 2022.
  13. ^ "Dubai's DIFC, Mashreq Bank launch bank account opening with KYC blockchain platform". Gulf Business. March 2020.
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