“Euromoney was impressed by the growth evident in all aspects of Mashreq’s business – it has one of the strongest consumer franchises in the UAE” said Euromoney Magazine CEO Simon Brady. “Mashreq was selected as this year’s best UAE bank, based on key criteria such as transaction volume, market share, customer service, competitive pricing and innovative technologies.”
Abdul Aziz Al Ghurair, CEO of Mashreq, said: "The award for Best Bank in the UAE is a tremendous achievement, one which recognizes Mashreq’s on-going transformation as the UAE’s leading bank. In accepting this award I would also like to thank the loyal customers and dedicated staff of Mashreq who made this accomplishment a reality".
Commenting on the selection of Abdul Aziz Al Ghurair for the ‘Outstanding Achievement to the ME Banking Industry’ award, Mr. Brady said “Mr. Al Ghurair is the first UAE national to receive this award. His accomplishments, reflected through the management of what is now one of the most successful banks in the UAE, demonstrate the substantial contributions he has made to the development of the finance and banking industry in the region. Euromoney’s Awards committee is proud to recognize his achievements as a testament to his hard work and vision”.
Al Ghurair joined Mashreq in 1977 and held various positions until 1988. He was responsible for the bank’s international transactions and assisted in opening branches in New York, London, Bahrain, Qatar, Egypt, India and Pakistan. He was appointed director in 1989 and became the CEO the next year. Since then the bank has grown and expanded across the region to offer its clients high quality and prompt services. Under his 18-year tenure the bank’s assets have risen to $13 billion as of May 2008 making it a world-class financial services institution.
Commenting on the award, Al Ghurair said: "The Euromoney Awards for Excellence are internationally recognized and acknowledged as the most significant awards in the industry, so to win the “Outstanding Achievement to the Middle East Banking Industry” award represents the ultimate acknowledgment of the significance of the banking sector in the UAE”.
Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 16th consecutive year. This year’s awards process, which began in March, attracted over 400 submissions from the region’s banks and brokerage houses competing for the 25 awards that Euromoney presented. Euromoney’s dedicated research team and awards panel then rated all the submissions on both quantitative and qualitative factors such as KPIs, financial ratios and innovation over the 12 month period to decide the award winners.
Mashreq is the largest private bank in the UAE and also the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts it was the first to launch such products as travellers’ cheques, credit cards and ATMs.
It is invariably among the highest performing banks in the region. Last year it recorded a Net Profit of over US$470 million from a Total Operating Income of $844 million. At the end of last year its Total Assets stood at $15.2 billion
Mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
For further information, please contact: