Headquartered in Dubai, Mashreq Bank, formerly known as the Bank of Oman (the name change happened in 1993), boasts of several firsts attributed to its name.
Image: company website
Coming into existence on Jan 1, 1967, Mashreq (Arabic for Oriental Bank) is the oldest privately held bank setup in the United Arab Emirates (UAE). It was the first UAE bank to come up with ATMs, the first to launch consumer loan services, and also the first to initiate payment cards such as credit and debit cards.
Its innovative products and extensively technology-led services fetched it the first ever Dubai Quality Award. With 45 domestic branches and 20 branches outside of UAE, which are spread across 9 countries, Mashreq offers its customers products and services in the retail, investment and asset management arenas. Outside of UAE, Mashreq’s presence is strongly felt in Bahrain, Kuwait, Egypt and Qatar.
Mashreq has had a dream run since its inception – with the achievement of a spotless profitable growth story for the last 46 years. It has strived continuously to deliver in its diverse business areas – chiefly, corporate and investment banking, retail banking, treasury and capital markets, international banking, as well as Islamic banking. A paid-up capital of 1.77 billion Dirhams (AED) to boot, Mashreq was listed on the Dubai Financial Market (DFM) on the 1st of April, 2000. In terms of market capitalization, it ranks at 4th, after Emirates NBD, Dubai Islamic Bank and Commercial Bank of Dubai. A four-time winner of ‘Best Regional Retail Bank’, Mashreq also bagged the ‘Best Banking Innovation’ and the ‘Best Real Estate Finance’ awards at the Banker Middle East Industry Awards 2016. With a vision to create a better future for the underprivileged, Mashreq added another feather in its cap with its brainchild online charity account ‘AHSEN’ – a first of its kind in UAE.