Mashreqbank gains Euromoney Magazine 'Best Bank in the UAE' award

Abdul Aziz Al Ghurair, CEO, received the award on behalf of the bank from Padraic Fallon, the magazine Chairman and Editor-in-Chief. The Garner Best Bank in the UAE accolade for innovation, IT and cash management.

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 wholesale and cross border finance.

"Over the past year Mashreqbank's loan growth was a remarkable 20 per cent. It managed this while maintaining good finance portfolio quality and steadily increasing profits. 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.

In thanking the award organisers Abdul Aziz Al Ghurair praised the commitment and teamwork of Mashreqbank management and staff for achieving such high levels of excellence in so many key areas.

"As an organisation we are committed to providing our customers with the best products and services achievable. To do this requires us to constantly review everything we do and find innovative ways of doing them better, faster and more effectively," Al Ghurair said.

Atif Bajwa, Head of Mashreqbank Retail Banking Unit, pointed out that in its 36 year history the bank had played a pioneering role in the UAE banking industry. Not only was it the first ever private bank in the UAE but also was the first to launch products such as credit cards, ATM machines and consumer loans, as well as its famous MashreqMillionaire savings certificates.

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."