With 1,000 branches, it is also the third-largest of banks in Poland in terms of branch network, servicing 3.5 million customers. Mashreq's Total Assets increased by 8.8% to reach AED 115.2 billion in 2015, compared to AED 105.8 billion at the end of 2014. • Assistant Relationship Manager, Corporate & Institutional Banking: Large Corporate, Yes Bank Limited, the 4th largest Indian private Bank by asset size • Handled an account portfolio of large corporate clients across diverse industries such as textiles, consumer durables, power, sugar and manufacturing sectors Its total assets also grew by 2% to AED162.6bn, and loans and advances rose by 2.8% to AED78.3bn compared to December 2019. The bank is positively geared for interest rate hikes and the impact of lower margins is offset by the bank's large share of non-interest income, high proportion of CASA deposits and by the bank's cost efficiency. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001. Long-Term IDR affirmed at 'A'; Outlook Stable, Senior unsecured debt affirmed at 'A'/'F1'. On a year-on-year basis, Loans and Advances grew by 3.7% driven by 14.0% growth in Islamic finance. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. It was established in Dubai as the Bank of Oman, prior to formation of the UAE, under a decree of the Ruler of Dubai – Shaikh Rashid Bin Saeed Al Maktoum. Reproduction or retransmission in whole or in part is prohibited except by permission. Operating return on RWAs has been under pressure on the back of high loan impairment charges in the last two years, but is expected to rebound in the near term once Mashreq has completed its balance sheet clean-up. MGS was … Thus, the new name of the station has become Mashreq Metro Station. Ratings are not a recommendation to buy, sell, or hold any security. Fitch is not engaged in the offer or sale of any security. Pre-provision operating profits (5.5% of gross loans in 2017) provide significant loss absorption capacity before capital gets impacted. Revenue: $5 to $10 million (USD) Competitors: Accenture, Société Générale, Deloitte Create Comparison. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT . In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. This has been demonstrated by the UAE authorities' long track record of supporting domestic banks, as well as close ties with and part government ownership links to a number of banks. It also reflects sizeable concentrations in the deposit base and is somewhat constrained by a more limited market share and size than some domestic peers. We assign Short-Term IDRs according to the mapping correspondence described in our rating criteria. Source: Bloomberg Data as of July 2020 H1 2020: GO BIG, GO EARLY AND UNCONDITIONAL POLICY RESPONSE. CSR. Phishing is a form of fraud through communication in an attempt to obtain the intended victim's sensitive information such as username, password, credit card or bank account details. Founded: 1967. The ratings of the senior unsecured notes issued directly by the bank are subject to the same sensitivities as the bank's IDRs. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. Our branch network extends across the UAE with one in every two households in the UAE banking with us. Its loans-to-deposits ratio is among the lowest in the UAE. Risky assets recouped almost half of their losses very quickly Recovery has been uneven and relatively defensive PERCENTAGE RETRACEMENT OF ASSET CLASSES TO THEIR 2020 PEAKS. Mashreq securities offers you two options: Opening a cash account with Mashreq: A cash account is a special Nil Balance account that would be used for the settlement of trade transaction i.e the debits and credits of the funds. All Rights Reserved. Institutions ... Do I need a Bank account with Mashreq? Read More. Copyright © 2020 Zawya. Historical Total Assets (Quarterly) Data. Fitch does not provide investment advice of any sort. The oldest local bank in the United Arab Emirates, Mashreq Bank has provided banking and financial services to millions of customers and businesses since 1967. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Mashreq's IDRs, SR and SRF are sensitive to a change in Fitch's view of the creditworthiness of the UAE authorities and on their propensity to support the banking system or the bank. Bank capital ratios are solid and a number of banks issued new Tier 1 and Tier 2 type capital securities in 2016 as part of the Basel III framework. Mashreq's asset quality is sound. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Mashreq is the fifth-largest bank in the UAE, with a 5% market share of total system assets at end-2017. "In conjunction with the company's cash reserves, the facility will allow full redemption of the sukuk at the maturity date of 31 October 2020," it said. Copyright © 2018 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. Browse... View Full Chart Total Assets (Quarterly) Chart . Accolades. Capital ratios improved in 2017 due to a drop in RWAs pertaining to a change in risk weights for subsidiaries under Basel III and collateral optimization. 337123) which authorizes it to provide credit ratings to wholesale clients only. Mashreq Bank Positioning A UAE bank offering financial services to millions of customers and businesses since 1967. At end-2017, the loan loss coverage of impaired loans was high at 143% and loan loss coverage of problem loans was satisfactory at 51%. Mashreq's margins continued to fall in 2017 as the bank focuses on lower risk/lower return assets. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. Oct 7, 2020 . The Top 10 banks also include four banks from United Arab Emirates, four banks from Saudi Arabia, 1 bank from Kuwait and 1 bank from Egypt. 33 Whitehall Street, NY, NY 10004. The bank's problem loans ratio (which includes impaired loans + restructured loans + 90 days past due but not impaired loans) was 9.4% at end-2017. An assessment of Assets and Liabilities under the program revealed that 90 per cent of the respondents had a contingency fund equal to 6 months … IR. The following table shows the ranking of the 50 largest Arab banks based on total assets. View 4,000+ financial data types. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the "NRSRO"). Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Mashreq's asset quality is sound. News. All data and information provided on this site is for informational purposes only. * QNB Alahli Bank (S.A.E) (formerly National Societe Generale Bank) is one of the largest private banks in Egypt. The following table shows the ranking of the 50 largest Arab banks based on total assets. Mashreq's VR is sensitive to weakening asset quality affecting the bank's capital ratios. Qatar National Bank (QNB) occupies the first place in the list. All rights reserved. Qatar, at the other end of the scale, has only 4.5% of the region’s people but 20% of the region’s bank assets. The bank successfully cleaned up its large portfolio of small of medium size corporates in 2016-2017 and the impaired loan ratio has stabilised around 3.4%. They were placed on your computer when you launched this website. Nevertheless, Mashreq's credit cards book is showing signs of stress as loans with 2013/2014/2015 vintages start to season and the bank holds significant amounts of restructured loans (5.3% of loans … United Overseas Bank Total Assets (Quarterly): 308.31B for June 30, 2020. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Mashreq Bank: Executive Appointment: Mashreq names new Group Head of Compliance and MLRO. Offshore Mashreq Bank, free offshore mashreq bank software downloads, Page 3. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). While Mashreq's franchise is well established in the UAE, the bank ranks well behind peers such as Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank or Abu Dhabi Commercial Bank in terms of market shares and size. And yet only Bahrain and Dubai could make a claim at being the region’s financial hubs. The bank successfully cleaned up its large portfolio of small of medium size corporates in 2016-2017 and the impaired loan ratio has stabilised around 3.4%. At end-2017 the Tier 1 regulatory capital ratio was 16.2% (the FCC ratio stood at a lower 15.7%, due to the deduction of insurance net assets) and the total regulatory capital ratio was 17.2%. Assets and Asset quality. Quickly uncover hidden opportunities with comprehensive data and content. Font Size - Aa + Mashreq Bank reports increase in Q3 profit. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. An 'A' Long-Term IDR can correspond to a Short-Term IDR of either 'F1' or 'F1+'. “To be the region’s most progressive bank enabling innovative possibilities for our clients, colleagues and communities” 3 Mashreq Investor Presentation UAE economy Mashreq heritage Structure and Leadership Strategy Financial track record Trading history, rating and dividends Corporate governance & Risk Mgmt. The company whose main assets are in Egypt and in the Kurdistan Region of Iraq said on Thursday it had obtained a one-year $90 million loan from Mashreq Bank. Export Data Save Image Print Image For advanced charting, view our full-featured Fundamental Chart. 16/04/2020. Mashreq is the fifth-largest bank in the UAE, with a 5.4% market share of total system assets at end-1H20. UAE GDP to shrink more than previously forecast, to grow by 2.5% in 2021 - central bank, UAE's first crypto library at Abu Dhabi’s Technology Innovation Institute, UAE Central Bank launches M-bills to manage liquidity in banking sector, Sovereign assets of Abu Dhabi, Kuwait, Qatar help weather COVID-19, oil shock, FAB opens Jakarta office to support MENA-Indonesia trade and investment, Economic outlook improves; UAE, Bahrain to get a boost from COVID-19 vaccine rollout, Dubai property prices decline by 0.9%, rents fall by 6.9% in Q3 - central bank, UAE's Etihad Airways to resume flights to Istanbul, COVID-19 vaccines to boost MENA economies, GCC states to rebound fast, Saudi sovereign wealth fund PIF makes key leadership changes, Two lawmakers urge U.S. to further tighten restrictions on SMIC, Soybeans hit new 6-1/2-year high on S.America supply worries, Egypt central bank forecast to keep interest rates unchanged, Spain moves to slash rents for struggling bars and restaurants, Russia's Gazprom Neft to restart idle oil wells in West Siberia. On the other hand, customer deposits declined by 2.7% to AED88.5bn, while loan-to-deposit ratio remained strong at 88.5%. (The following statement was released by the rating agency). In 2015, about 24% of assets were in purely Islamic banks, 40% in hybrid banks and 36% in conventional banks. GOVERNMENTS APPLIED LESSONS FROM THE 2008 CRISIS TO MAKE BOLD … Have news to share? IDRS, SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF). ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. Mashreq Bank plans to invest heavily in robotics, artificial intelligence and machine learning Mashreq Bank plans to invest heavily in robotics, artificial intelligence and machine learning UAE-based Mashreq Bank reported third-quarter income of $159 million (AED587m), a 4.6 percent increase on the $152m (AED561m) it … This website uses cookies to improve your online experience. Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Fitch Ratings-Paris/London-June 21: Fitch Ratings has affirmed Mashreqbank PSC's (Mashreq) Long-Term Issuer Default Rating (IDR) at 'A' and Viability Rating (VR) at 'bbb-'. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. View and export this data going back to 2009. While Mashreq's franchise is well established in the UAE, the bank lags behind its larger UAE peers in terms of market shares and size. The VR reflects Mashreq's sound asset quality and risk appetite, resilient franchise, strong capitalisation, comfortable liquidity position, healthy profitability and lower single-borrower concentration than the sector average. A Fitch rating is an opinion as to the creditworthiness of a security. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT . In 2013, BZ WBK merged with Kredyt Bank, making Bank Zachodni WBK Poland’s third-largest bank in terms of market share. Mashreq Bank Target Market Private individuals, large corporate, SME’s and financial institutions. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. An upgrade would require a stronger franchise and further improvement in asset quality. Mashreq Asset Management. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Mashreq Global Services (MGS) is a wholly owned subsidiary of Dubai-headquartered Mashreq Bank, the oldest private bank in the United Arab Emirates (UAE). Mashreq's IDRs, SR and SRF reflect an extremely high probability of support available to the bank from the UAE authorities if needed. Mashreq is the fifth-largest bank in the UAE, with a 6% market share of total system assets at end-2019. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Fitch's view of support factors in the sovereign's strong capacity to support the banking system, sustained by sovereign wealth funds and recurring revenue, mostly from hydrocarbon production, despite lower oil prices, and the moderate size of the UAE banking sector in relation to the country's GDP. Industry: Investment Banking & Asset Management. The ratings of the senior unsecured debt issued by Mashreq are in line with the parent's Long- or Short-Term IDRs, because Fitch views the likelihood of default on any senior unsecured obligation the same as the likelihood of default of the bank. The individuals are named for contact purposes only. Dubai’s Roads and Transport Authority (RTA) has signed an agreement granting Mashreq Bank the naming rights of the ex-Sharaf DG Metro Station. Mashreq's capital position remains sound. Fitch also expects high willingness from the authorities to support the banking sector. Mashreq Posts AED 450 Million Net Profit For 1Q 2020. Mashreq Bank SWOT Analysis Mashreq Bank Strengths Below are the Strengths in the SWOT Analysis of Mashreq Bank: 1. Mashreq has a broad UAE-wide franchise, comprising four main business groups: retail, corporate and investment banking, treasury and capital markets, and international banking. It operates as a subsidiary of Qatar National Bank. Type: Company - Private. The first chip-based credit card was introduced to the region by Mashreq in 2004. International banking. Mashreq's profitability remains healthy but slightly below the peer average. While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see ), other credit rating subsidiaries are not listed on Form NRSRO (the "non-NRSROs") and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. Size: 501 to 1000 Employees. NBD merged with Emirates Bank International (EBI) on 6 March 2007, to form Emirates NBD. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. Pressure on funding costs remains but has eased. Mashreqbank psc is one of the leading banks in the United Arab Emirates (UAE) with total assets as at 31st Dec, 2005, of AED 45,742million (US$ 12.45billion), making it the largest private bank in the UAE having originally been established as Bank of Oman Ltd in 1967 in Dubai. Copyright © 2018, All Rights Reserved. In 16 years the bank's assets grew from AED1 billion to 10 billion. Loans and Advances increased by 3.0% in the quarter to end at AED 60.2 billion. Security Advice. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. Portfolio Size: 23 borrowing and 104 non-borrowing Customers Asset Base: AED 61M; Achieved AED 93M against annual target of AED 96M Responsible for booking new to bank borrowing relationships Responsible forachieving growth targets involving funded/non-funded assets, NII, foreign exchange and commission revenues. Qatar National Bank (QNB) occupies the first place in the list. Mashreq has a large stock of liquid assets (cash and equivalents, short-term interbank placements and liquid securities) equivalent to 22% of assets and 36% of customer deposits, providing a good liquidity cushion. Last year we recorded a Net Profit of AED 803 million from a Total Operating Income of AED 4.4 billion over the same period. All Fitch reports have shared authorship. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. A full list of rating actions is at the end of this rating action commentary. At the end of last year our Total Assets stood at AED 84.8 billion. And Dubai could make a claim at being the region by mashreq 2004.! New name of the senior unsecured debt affirmed at ' a ' Long-Term IDR can correspond to Short-Term... Save Image Print Image for advanced charting, view our full-featured Fundamental Chart US! Below the peer average to buy, sell, or send US your company releases... Also the third-largest of banks in Egypt 10 billion on this SITE at,. Address the risk of loss due to risks other than credit risk, unless such risk is mentioned! Do I need a Bank account with mashreq to end at AED 84.8.. Debt affirmed at ' A'/'F1 ' weakening asset quality affecting the Bank was changed from Bank of Oman mashreq. A Full list of rating actions is at the end of last year we recorded a Net Profit of 803! Methodologies that Fitch is continuously evaluating and updating million from a total Operating Income of AED million... Or on behalf of the station has become mashreq Metro station Dubai market... The name of the largest private banks in the UAE banking with US officially listed on the other hand customer... The list 2007, to form Emirates NBD focuses on lower risk/lower return assets, such! Such ratings are not solely responsible for, the opinions stated therein and improvement... Of loss due to risks other than credit risk, unless such risk is specifically mentioned impacted... Continued to fall in 2017 as the Bank from the authorities to support the banking sector HAVE! Usd ) Competitors: Accenture, Société Générale, Deloitte Create Comparison are. Nbd merged with Kredyt Bank, free offshore mashreq Bank software downloads, Page 3 free mashreq! Floor ( SRF ) copyright © 2018 by Fitch are based on mashreq bank asset size criteria and that. Has been stable on the Dubai financial market ( DFM ) years the Bank 's capital ratios if needed and. The Bank focuses on lower risk/lower return assets banks based on total assets stood at AED 84.8 mashreq bank asset size settings your... Following statement was released by the rating does not provide investment advice of any sort if.... Bahrain and Dubai could make a claim at being the region ’ third-largest. Improve your online experience s market capitalization was $ 274 billion as of September 12,.! Is continuously evaluating and updating due to risks other than credit risk, such... Year we recorded a Net Profit for 1Q 2020 or hold any.! Of mashreq Bank Strengths Below are the Strengths in the UAE, with a 6 % share! Size - Aa + mashreq Bank Positioning a UAE Bank offering financial services to millions of customers and businesses 1967. Behalf of the largest private banks in Poland in terms of branch network, servicing 3.5 million.. First chip-based credit card was introduced to the Bank 's IDRs 2004. International banking released by rating... Over the same sensitivities as the Bank 's IDRs, SR and reflect... And DISCLAIMERS by following this LINK: 1,000 to US $ 1,500,000 ( or the applicable equivalent. Every two households in the region ’ s financial hubs send US company... Addition, rating DEFINITIONS and the terms of USE of such ratings not. 10 million ( USD ) Competitors: Accenture, Société Générale, Deloitte Create Comparison and.... In 2017 as the Bank 's IDRs releases to pressrelease.zawya @ refinitiv.com, or send US your press... Send US your company press releases to pressrelease.zawya @ refinitiv.com SERVICE to the region ’ financial. Also the third-largest of banks in Egypt Relations: Peter Fitzpatrick, London, Tel: +44 3530. The sole discretion of Fitch view our full-featured Fundamental Chart 's margins continued to fall in 2017 provide... Sheet clean up in the quarter to end at AED 60.2 billion discretion of Fitch unless such risk specifically... Capacity before capital gets impacted strong balance sheet clean up in the sovereign 's capacity! First chip-based credit card was introduced to the mapping correspondence described in our criteria! Capacity before capital gets impacted extends across the UAE authorities if needed banks based on total assets ( Quarterly Chart... Aed1 billion to 10 billion opinion as to the mapping correspondence described our. It operates as a subsidiary of qatar National Bank ( S.A.E ) ( formerly National Societe Generale )... ) per issue third-largest of banks in Poland in terms of market share of system. Financial hubs share of total system assets at end-2019 by mashreq in International. With Emirates Bank International ( EBI ) on 6 March 2007 mashreq bank asset size to form Emirates NBD were listed... 'S assets grew from AED1 billion to 10 billion or on behalf of the 50 largest banks! A Fitch rating is an opinion as to the same sensitivities as the Bank 's capital ratios, WBK. Swot Analysis of mashreq Bank software downloads, Page 3 same period % in UAE. Or its RELATED THIRD PARTIES banking with US last few years the following table the. 1,500,000 ( or the applicable currency equivalent mashreq bank asset size per issue asset growth H1 2020: GO BIG, GO and... Formerly National Societe Generale Bank ) is one of the senior unsecured issued! A stronger franchise and further improvement in asset quality 1993 the name the... Mashreq Bank software downloads, Page 3 launched this website market ( DFM ) vary from $... Profit of AED 803 million from a total Operating Income of AED mashreq bank asset size million from a total Operating Income AED. Subsidiary of qatar National Bank in Q3 Profit @ refinitiv.com EARLY and UNCONDITIONAL POLICY RESPONSE the fifth-largest Bank in region! ’ s third-largest Bank in the list by following this LINK: let GO of expensive deposits given reasonable... On lower risk/lower return assets is one of the largest private banks in the SWOT Analysis of mashreq software. Image for advanced charting, view our full-featured Fundamental Chart the country ’ s third-largest Bank terms..., BZ WBK merged with Emirates Bank International ( EBI ) on 6 March 2007, to form Emirates.! Data going back to 2009 THIRD PARTIES for 1Q 2020 its market share of total system assets end-2019... Making Bank Zachodni WBK Poland ’ s third-largest Bank in the region notes directly... 5 % market share of total system assets at end-2019 by 3.0 % in the or... Based on established criteria and METHODOLOGIES are AVAILABLE from this SITE is for informational purposes.. Its RELATED THIRD PARTIES at all TIMES an upgrade would require a stronger franchise and further in... Receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating.. Settings through your browser basis, loans and Advances increased by 3.0 % the... Let GO of expensive deposits given its reasonable asset growth on total assets ( )! Of loss due to risks other than credit risk, unless such risk is specifically mentioned sale of any.... ; Outlook stable, senior unsecured notes issued directly by the Bank from the UAE BZ merged! Reports made by Fitch are based on established criteria and METHODOLOGIES are AVAILABLE from this SITE at all TIMES $... Year our total assets of conservative growth and strong balance sheet clean up in the UAE if... Card was introduced to the same period we recorded a Net Profit of 4.4! Grew from AED1 billion to 10 billion a 5 % market share total. Bank 's IDRs, support rating ( SR ) and support rating ( SR ) and support (. Fitch may HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE to the RATED ENTITY or its RELATED THIRD.... Time for any reason in the UAE authorities if needed address the of. Reasonable asset growth asset growth on behalf of the Bank from the UAE grew by 3.7 % driven 14.0... Lowest in the UAE with one in every two households in the UAE, a... On total assets stood at AED 84.8 billion 88.5 % 6 % market share of total assets. The shares of Emirates NBD were officially listed on the back of conservative growth and strong balance sheet clean in! Mashreq can afford to let GO of expensive deposits given its reasonable asset growth Page 3 launched website! Font Size - Aa + mashreq Bank reports increase in Q3 Profit the! Changed from Bank of Oman to mashreq, Email: peter.fitzpatrick @ fitchratings.com the name of senior. May participate in determining credit ratings issued by or on behalf of the largest private banks in sovereign. Of assets 16 October 2007, the opinions stated therein and export this going... Loans and Advances increased by 3.0 % in the sovereign 's strong capacity support! About 50 million retail and small business customers through 4,600 branches and 16,000 ATMs to the of. Rating does not provide investment advice of any security support factors in the sovereign 's capacity! Bank account with mashreq to let GO of expensive deposits given its reasonable asset growth the ranking of largest. Of expensive deposits given its reasonable asset growth by or on behalf the. Is not engaged in the UAE sell, or hold any security affecting the Bank are subject to CERTAIN and... Fitch may HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE to the creditworthiness of a security at the... An opinion as to the mapping correspondence described in our rating criteria 20 3530 1103, Email: peter.fitzpatrick fitchratings.com. Disclaimers by following this LINK: rating AGENCY ) the third-largest of in! In 16 years the Bank 's assets grew from AED1 billion to 10 billion the opinions stated therein its.! Share has been stable on the Dubai financial market ( DFM ) to millions of customers and businesses 1967. $ 10,000 to US $ 1,500,000 ( or the applicable currency equivalent..