Standard & Poors affirms Mashreq 'A/A-1' rating
18 January 2009
Dubai,United Arab Emirates, 18 January 2009: Mashreq is pleased to note the reaffirmation of its Standard and Poors (S&P) rating at ‘A/A-1, S&P is one of the world's foremost providers of independent credit ratings, indices, risk evaluation, investment research, data and valuations. Mashreq further notes that it is currently the biggest bank in the UAE in terms of market capitalization
The S&P report on UAE banks stated: “The rating affirmation and stable outlook on Mashreq reflects the bank’s relatively limited exposure to the real estate sector and stock market, its strong Risk Management framework and good financial profile”.
“Mashreq is now one of the highest rated banks in the UAE and we are dedicated to maintaining our strong market position,” commented Abdul Aziz Al Ghurair, CEO of Mashreq.
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About Mashreq
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. In the third quarter of 2008 it recorded a Net Profit of over AED 1.5 billion with total assets standing at AED 94 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. It’s most recent acknowledgement was the Best Bank in the UAE 2008, from Euromoney.
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 more information, please call:
Saad Hakim
Event & PR Manager, Mashreq
04/6083603
050/8119923
saadha@MashreqBank.com
For media information, please contact:
Nancy D'Souza
Account Executive
Gulf Hill & Knowlton
Tel: 04 334 4930
Nancy.dsouza@hillandknowlton.com