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Mon 2 Nov 2009 09:28 AM

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Mashreq expands operations to Kuwait

UAE bank's arrival in Kuwait City part of growth plan, MENA branches now total 94 - CEO.


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.

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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