Mashreqbank named Best Bank in the U.A.E. - wins Euromoney Award

Abdul Aziz Al Ghurair, CEO of Mashreqbank, received the award on behalf of the bank from Padraic Fallon, the magazine Chairman and Editor-in-Chief.

In making its 'Awards for Excellence,' Euromoney focuses on the quality of management, strategic focus, profitability and innovation of the banks it reviews.

In Mashreqbank's case, Euromoney cited in particular the bank's innovation and expertise in both the Corporate and Consumer areas.

"Over the past year Mashreqbank's loan growth was remarkable while maintaining good loan portfolio quality and steadily increasing profits. The Bank managed this. It has broadened its business base to take on cash management and more retail services to complement its strengths in corporate and consumer banking, trade finance and foreign exchange trading," said Sui Chung, Senior Manager of Euromoney.

He added that Mashreqbank has implemented leading edge IT solutions and its internal systems and processes are widely considered the best in the UAE. "Mashreqbank's financial strength and political independence have helped it to play a leading role in some of the largest syndicated loan deals of the year," added Chung.

"As an organisation, we are committed to providing our customers with the best products and services. To achieve this, we needed to constantly review everything we do and find innovative ways of doing them better, faster and more effectively," Abdul Aziz Al Ghurair said. He praised the commitment and teamwork of Mashreqbank management and staff for achieving such high levels of excellence in so many key areas. He also said that in the year when the UAE and Dubai is set to play host to the IMF and World Bank Annual Meetings, this recognition of Mashreqbank has particular significance.

Steven Pinto, Senior Vice President and Head of Mashreqbank's Retail Banking Group, pointed out that the spirit of entrepreneurship that pervades Mashreqbank spawns a great deal of innovation. Not only was it the first ever private bank in the UAE but also was the first to launch products and services such as credit cards, ATM machines and consumer loans, as well as its now famous MashreqMillionaire savings certificates.

Omar Bouhadiba, Senior Vice President and Head of Mashreqbank's Corporate Banking Group said, the Bank played an important role in the economic development that has occurred, and sees an ever-growing role in the future growth plans as well.

The Euromoney Excellence Awards Panel includes a selection of high level international financial experts as well as Senior Editors and the chairman of Euromoney. In 1998 the magazine cited Mashreqbank as one of the six most robust banks in the world which "have turned into centres of excellence."