Mashreq expands regional retail operations

"This launch marks an exciting new chapter in the bank's continuing regional expansion," said Abdul Aziz Al Ghurair, CEO Mashreq.

"Through our head office in Heliopolis and ten operating branches, staffed with a local team of 270 well-trained professionals, Mashreq Egypt will provide a diverse range of retail and corporate solutions to make sure customers enjoy seamless, high quality service and convenience," he added.

"The Egyptian banking sector is a key player in the growth of the country's economy, especially in light of the remarkable GDP growth that averaged 7% over the past two years," added Al Ghurair. "We will continue to work with the Egyptain government and the Central Bank of Egypt (CBE) to ensure that we are able to make a continued contribution to Egypt's economic growth and diversification."

A new banking proposition has also been introduced by Mashreq through the opening of its first 'Mashreq Gold' Center located at the main branch in Heliopolis.

Mashreq Gold, a comprehensive financial management service that targets VIP clients, offers a wide range of exclusive benefits and services that will assist clients in planning their financial goals. Dedicated relationship managers will take care of client's daily banking transactions. The bank plans to open four additional Mashreq Gold centers in 2009.

"Based on our enormous success in the UAE, where we have established a clear leadership position over the past 42 years, we are eager to implement our regional expansion strategy in Egypt," continued Al Ghurair.

In a move to further strengthen and expand into regional markets, Mashreq recently appointed John Iossifidis, as Executive Vice President and Head of International Banking.

Iossifidis' appointment comes at a challenging time for the financial industry as a whole. His thorough knowledge and understanding of the market will make a significant contribution towards Mashreq's sustained long-term growth and positioning as one of the leading financial institutions throughout the region.

Mashreq Group recently reported Operating Income of Dhs3.98bn for the full year 2008, a 3.5% increase over 2007, achieved during challenging global banking conditions. The growth in revenue reflects the strength of the bank, soundness of its core banking operations and management ability to guide the Bank through the current slowdown, ensuring it is in a solid position when the economic tide turns.