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Mashreq distributes 10% cash and 10% shares to shareholders

  • United Arab Emirates: Monday, March 16 - 2009 at 14:51
  • PRESS RELEASE

Mashreq hosted their Annual General Meeting (AGM) at the Mashreq Head Office.

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The recommendations of the Board of Directors were approved during the AGM as to the distribution of profits at 10% cash dividends and 10% bonus shares to shareholders.

Mr. Abdul Aziz Al Ghurair, CEO of Mashreq stated:
"Over the course of the last year our shareholders have shown strong support for the bank, helping us retain profit levels and build a strong capital base through internal capitalization. As a result, our capital adequacy stands at 14% which is above the UAE central bank requirements."
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Related site: http://www.mashreqbank.com

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About Mashreq
Mashreq is the largest private bank in the UAE and also 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.

It is invariably among the highest performing banks in the region. This year it recorded a Net Profit of over Dhs1.6bn. Total Assets stood at Dhs93bn.

Mashreq has received numerous international 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 the Best Bank in the UAE 2008, from Euromoney.
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.
Nadeen El Ajou Posted by Nadeen El Ajou
Monday, March 16 - 2009 at 14:51 UAE local time (GMT+4)

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