Thursday 11, May 2017 by Georgina Enzer

Mashreq Celebrates 50th Year, promises further innovation

Mashreq Bank, the UAE’s oldest privately owned bank, is celebrating its 50 year anniversary, the bank is one of the regional market leaders when it comes to product and service innovation and customer service.

Mashreq Bank, originally called Bank of Oman, was formed by a decree from His Highness Shaikh Rashid Bin Saeed Al Maktoum in 1966, and formally opened on 1 May 1967. With the strong encouragement of His Highness Shaikh Rashid, Mashreq Bank has reached many milestones since then.

Today, it ranks amongst the top banks in the UAE, and is ranked number 25 on the Forbes Top 100 Arab Companies 2016 list. Mashreq has also won Gallup Great Workplace award for the 4th year in a row, with only 37 companies worldwide winning the award.

To mark the 50 year anniversary, Mashreq Bank launched a new vision to celebrate and guide the next 50 years of the bank’s journey. Its vision is to be the region’s most progressive bank, enabling innovative possibilities for its clients, colleagues and communities.

“We have achieved many milestones in the past 50 years, but today is truly exciting. The launch of our new vision will undeniably drive the bank forward. Looking ahead, our underlying strategy is to continue to digitize the bank, make customer experience seamless, personalized and omni-channel, and lead into the future where banking goes entirely branchless. With 85% of Mashreq Bank’s transactions happening digitally, it is critical that we continue to develop new, innovative products and services for our customers that cater to this growing trend,” said HE Abdul Aziz Al Ghurair, Chief Executive Officer of Mashreq Bank. “And to deliver on this promise, we will continue to innovate. Innovation has been deeply embedded in the DNA of Mashreq throughout the last 50 years, and it will continue to be core to our strategy moving forward. Having introduced many products to the UAE market which are now considered standard amongst businesses and consumers – such as the credit card, ATM and mobile banking app – I know we will only continue to further develop the sector. Through innovation, strong financial performance, and high levels of customer service, we will find ways to make possible. Our plan and strategy for the future under our new vision will enable our success.”

Mashreq Bank has also remained dedicated to the development of Emirati talent. The number of UAE nationals who have joined the bank in the past five years has grown exponentially.

Mashreq Bank has a strong business presence in the region including Egypt, Qatar, Kuwait and Bahrain, and in the major financial centres of New York, London, Hong Kong and Mumbai. Its branch network extends across the UAE, with one in every two households banking with Mashreq Bank, according to the bank.

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