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Mashreq expands operations to Kuwait

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 02 November 2009
EXPANSION PLAN: Mashreq has started operations in Kuwait as part of its growth plan in the MENA region. (ITP Images)
EXPANSION PLAN: Mashreq has started operations in Kuwait as part of its growth plan in the MENA region. (ITP Images)

Mashreqbank on Monday announced it had started operations to Kuwait, as it opened its 94th brand in the MENA region.

UAE-based Mashreq's CEO Abdul Aziz Al Ghurair said the move was part of the bank's ambition to become one of the leading financial institutions in the region.

Its first branch in Kuwait has opened with a capital of KD15 million, the company said in a statement on Nasdaq Dubai's website.


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Al Ghurair stated: “Kuwait has one of the most successful and sophisticated banking systems in the GCC and holds strategic importance within the overall expansion plans for the bank.”

He added: “Kuwait is a very important market with a mature banking system and a healthy economy. Mashreq will be a trusted gateway for all UAE investments in Kuwait."

The new branch, which has a team of 20, is the latest move by Mashreq to extend its reach in the MENA region ans has expanded its operations in Abu Dhabi and Al Ain in the UAE and Egypt during the past 12 months.

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