Mashreq Officially Launches its Retail Operations in Egypt
01 April 2009
Cairo, Egypt, 1 April 2009 – Building on the rapid growth of Egypt’s banking sector and with further demand for diversified retail solutions, Mashreq, announced today the official launch of its retail operations at its new Head Office in Cairo with a capital of L.E. 560 Million.
"The launch of Mashreq's retail operations in Egypt marks an exciting new chapter in the bank's continuing regional expansion,” said Abdul Aziz Al Ghurair, CEO Mashreq. “Through our head office in Heliopolis and ten operating branches, staffed with a local team of 270 well-trained professionals, Mashreq Egypt will provide a diverse range of retail and corporate solutions to make sure customers enjoy seamless, high quality service and convenience."
“The Egyptian banking sector is a key player in the growth of the country’s economy, especially in light of the remarkable GDP growth that averaged 7% over the past two years,” added Al Ghurair. “We will continue to work with the Central Bank of Egypt (CBE) to further streamline and optimize our operations".
A new banking proposition has also been introduced by Mashreq through the opening of its first ‘Mashreq Gold’ Center located at the main branch in Heliopolis. Mashreq Gold, a comprehensive financial management service that targets VIP clients, offers a wide range of exclusive benefits and services that will assist clients in planning their financial goals. Dedicated relationship managers will take care of client's daily banking transactions. The bank plans to open four additional Mashreq Gold centers in 2009.
Mashreq has introduced banking and financial solutions that cater to the needs of the Egyptian market. Through its operating branches in Cairo and Alexandria, Mashreq offers its customer a wide range of innovative retail products and services including auto and personal loans and overdraft facilities. More branches will be operating and a total of 27 ATM machines will be in place to serve customers by the end of 2009.
'Based on our enormous success in the UAE, where we have established a clear leadership position over the past 42 years, we are eager to implement our regional expansion strategy in Egypt. With a population in excess of 80 million and an economy that grew considerably in the last few years, we believe that Egypt is the ideal platform to grow our business regionally. We are convinced that by offering a broad range of banking solutions, Mashreq will be able to bring to the Egyptian market the dedication, experience and products that are guaranteed to add value and opportunity to Egypt’s growing customer base", continued Al Ghurair.
In a move to further strengthen and expand into regional markets, Mashreq recently appointed John Iossifidis, as Executive Vice President and Head of International Banking. Iossifidis' appointment comes at a challenging time for the financial industry as a whole. His thorough knowledge and understanding of the market will make a significant contribution towards Mashreq's sustained long-term growth and positioning as one of the leading financial institutions throughout the region.
Mashreq Group recently reported Operating Income of L.E 6.116 Billion for the full year 2008, a 3.5% increase over 2007, achieved during challenging global banking conditions. The growth in revenue reflects the strength of the bank, soundness of its core banking operations and management ability to guide the Bank through the current slowdown, ensuring it is in a solid position when the economic tide turns.