Mashreqbank and Mizuho Corporate Bank Ltd. tie up to offer Japan Desk

With assets of US$1,135 billion (31 March 2002), MHFG is ranked as the largest bank in the world and has the largest trade finance portfolio in Japan. Domestically, its 664 branches service over 30 million personal accounts, 1,700 corporate clients including more than 70% of the listed companies on the Tokyo Stock Exchange and 5,000 governmental agencies, including 35 of 47 local governments.

The Japan Desk is located in Mashreqbank¡¯s Head Office and will be staffed by both Mashreqbank employees and MHCB secondees as of 25 June 2003.

The details of the tie-up was announced at a press conference held in Dubai and attended by Mr. Abdul Aziz Al Ghurair, CEO of Mashreqbank, and Mr. Seiichiro Sato, Managing Executive Officer, Head of Europe, Africa and the Middle East, of MHCB.

¡°Japan is a very important trading partner for the UAE and this facility will help enhance trade between the two countries,¡± said Abdul Aziz Al Ghurair.

In order to lessen the difficulties of being in different time zones, the Japan Desk will interface with Mashreqbank¡¯s Foreign Trade Centre, where trade documents are processed in two shifts from 8am to 8pm. In addition, Mashreqbank employs advanced electronic processing of trade-related forex operations and has installed an automated system that can download transaction data from SWIFT directly into its own system. After documents are checked this can automatically carry out account processing and send and receive information from and to customers.

¡°We evaluated Mashreqbank has the most advance IT processing operations in the UAE, the only 24 hours dealing room in the UAE, and branches in all seven emirates plus Jebel Ali Free Zone, where more than 70 Japanese companies are located,¡± said Mr. Minoru Egashira, General Manager, Corporate Finance Division (Japanese Corporate) ,Europe & Middle East. ¡°Its leadership in trade finance, highly advanced IT systems, award winning quality standards and modern, innovative management style makes it the perfect partner to align ourselves with.¡±

Mashreqbank is the largest private bank in the UAE with a domestic network of 33 branches and last year achieved a record profit of 504.9 million, a 25 per cent increase over the previous year.

By establishing the Japan Desk, MHCB will be able to make use of Mashreqbank¡¯s strengths in trade finance to provide a significantly improved quality of service and convenience to Japanese companies doing business in the UAE and Middle East region.

¡°MHCB is both the largest bank in the world and is ranked as the top commercial Banks in Japan, with an impressive corporate client base. By jointly introducing this Japan Desk we will be able to provide the best range and quality of service for any Japanese companies doing business in the UAE,¡± said Abdul Aziz Al Ghurair.

¡°Mashreqbank is committed to providing our customers with the best value-added service available and to constantly strive to broaden our portfolio by introducing innovative new services. The Japan Desk continues this Mashreq tradition and will greatly assist companies in the UAE and region to do business with Japan,¡± said Omar Bouhadiba, Senior Vice President and Head of Commercial Banking Group, Mashreqbank.

Bouhadiba said that Japan has been the most important trading partner of the UAE, buying more than US$10,000 million of its oil and gas requirements a year here. At present, in addition, Japan is the biggest exporter to the UAE with trade amounting to over US$2,500 million a year. Automobiles and electronic goods are significant imports. In addition to serving the local market, Dubai has become the commercial trading and re-export hub for the entire Gulf region and beyond.

The Japan Desk partnership will provide working capital, primarily in the form of trade finance, to Japanese corporations opening, operating or expanding their operations in the UAE and region.