Mashreq Celebrates 50th Year as the most progressive bank that enables possibilities through innovation

• New vision unveiled to guide Mashreq Bank forward for the next 50 years
• Mashreq registers 50 years of uninterrupted profits and significant growth

Dubai, 10 May 2017:  Mashreq Bank, the UAE’s oldest privately owned bank, is celebrating its 50 year anniversary in the United Arab Emirates today at the Dubai Opera. With 50 years of achievements, the bank is the market leader when it comes to product and service innovation and customer service. This leadership is because of the bank’s dynamism and ability to quickly adjust and respond to changing market trends. 

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 1st 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. The World Finance Banking Awards also named Mashreq Bank the Best Digital Bank in the UAE, and Mashreq is regularly reputed as an Employer of Choice in the UAE. It 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.

Commenting on the 50 year anniversary of the bank, HE Abdul Aziz Al Ghurair, Chief Executive Officer of Mashreq Bank, said: “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.”

“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. This is an example of the bank’s commitment to supporting the UAE’s vision to grow future leaders.

As one of the UAE's leading financial institutions, 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 MumbaiIts branch network extends across the UAE, with one in every two households banking with Mashreq Bank.