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Mashreq (bank)

Middle Eastern banking group

Field	Value
name	Mashreq Bank PSC
logo	Mashreq logo 2022.svg
logo_size	250px
type	Public
traded_as
ISIN	AEM000101014
key_people	Abdul Aziz Al Ghurair (Chairman)
Ahmed Abdelaal (CEO)
industry	Banking
Financial services
Insurance
revenue	{{Unbulleted list
AED 13.4 billion (2024) ([mashreq.com](https://www.mashreq.com/-/jssmedia/pdfs/news/MDA-FY-2024-En.ashx?utm_source	chatgpt.com))
AED 10.8 billion (2023) ([mashreq.com](https://www.mashreq.com/-/jssmedia/pdfs/aboutus/investors/2023/FY-2023-Results-Presentation.ashx?utm_source	chatgpt.com))
net_profit	{{Unbulleted list
AED 9.0 billion (2024, after tax) ([wam.ae](https://www.wam.ae/en/article/bhy88mf-mashreq-delivers-aed9-billion-net-profit-after-tax?utm_source	chatgpt.com))
AED 8.6 billion (2023) ([mashreq.com](https://www.mashreq.com/-/jssmedia/pdfs/aboutus/investors/2023/FY-2023-Results-Presentation.ashx?utm_source	chatgpt.com))
assets	{{Unbulleted list
AED 267.45 billion (2024) ([mashreq.com](https://www.mashreq.com/-/jssmedia/pdfs/aboutus/investors/2024/Q4-FY-2024-earnings-presentation.ashx?utm_source	chatgpt.com))
AED 239.98 billion (2023) ([mashreq.com](https://www.mashreq.com/-/jssmedia/pdfs/aboutus/investors/2024/Q4-FY-2024-earnings-presentation.ashx?utm_source	chatgpt.com))
num_employees	6,163 (2024)
foundation
location	Dubai, United Arab Emirates
parent	Al Ghurair Group
homepage

Ahmed Abdelaal (CEO) Financial services Insurance | AED 13.4 billion (2024) (mashreq.com) | AED 10.8 billion (2023) (mashreq.com) | AED 9.0 billion (2024, after tax) (wam.ae) | AED 8.6 billion (2023) (mashreq.com) | AED 267.45 billion (2024) (mashreq.com) | AED 239.98 billion (2023) (mashreq.com) Mashreq () is one of the oldest banking institutions in the United Arab Emirates and the second in the Middle East. Established in 1967 as the Bank of Oman, the bank later rebranded as Mashreq and has since expanded its operations across multiple markets.

Services

Mashreq provides a range of conventional and Islamic banking services, including personal banking solutions such as deposits, loans, and credit cards. The bank also offers corporate and investment banking services, including corporate finance, investment advisory on mergers and acquisitions, initial public offerings (IPOs), and underwriting.

Additionally, Mashreq delivers wealth and asset management services, catering to both institutional and individual clients.

Through its digital banking platform, Mashreq NEO, the bank provides UAE and Egypt residents with a suite of online banking services. The Mashreq NEO app offers functionalities such as account transactions, bill payments, reward tracking, and financial news updates.

Global presence

Mashreq operates in 14 countries, employing over 6,000 professionals from 70 nationalities. The bank has corporate banking operations in Oman, Bahrain, Qatar, Kuwait, and India, and provides corporate and retail banking services in Egypt. It has also obtained a restricted license from the State Bank of Pakistan to pilot digital retail banking operations. Additionally, Mashreq is involved in foreign exchange businesses in Bangladesh, Pakistan, and Nepal. Outside the Middle East and South Asia, Mashreq maintains full-service branches in New York, London, and Hong Kong.

Recognitions

In 2024, Brand Finance ranked Mashreq as the fastest-growing banking brand in the Middle East in its Banking 500 rankings. The bank was also named the Middle East's Best Digital Bank for the fifth consecutive year at the Euromoney Awards for Excellence. Additionally, The Banker's Top 1000 Global Bank Ratings recognized Mashreq as the Best Performing Bank in the UAE for the second consecutive year. The bank also received the Banking Group Brand of the Year – MENA award at the Global Banking & Finance Awards.

Financial Performance

For the year 2024, Mashreq reported a net profit before tax of AED 9.9 billion.

Products

Product offerings include:

Neo
Neo Nxt
Business Banking and NEO BIZ
NEO CORP
PRIVATE BANKING
Treasury and Capital Markets
Digital IPO
Blockchain with DIFC,and launched the Titan platform for comprehensive corporate banking offering.

References

"History".
"SHARIA-COMPLIANT INVESTMENT". City Wire Middle East.
(26 July 2022). "Innovation, ESG to spur Islamic finance growth". Islamic finance growth.
(December 2024). "Mashreq: how to manage wealth through geopolitical uncertainty".
(January 2024). "Mashreq Enhances Digital 'NEO' Experience for Customers by Launching 'Mashreq UAE' Banking App".
"Mashreq expands corporate banking footprint". Zawya.
(Jan 2025). "Mashreq receives accolades at the Middle East Technology Excellence Awards 2024 for groundbreaking account opening solutions".
(Jan 2025). "Mashreq reports record AED 9.9 billion net profit in 2024".
"Mashreq becomes first bank in UAE to launch digital banking proposition for SMEs". WAM.
(25 March 2022). "Mashreq launches digital initiative to support Dubai's IPO push". Arabian Business.
(March 2020). "Dubai's DIFC, Mashreq Bank launch bank account opening with KYC blockchain platform". Gulf Business.

Info: Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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