Mashreq (bank)

Mashreqbank PSC
FormerlyBank of Oman (1967–1993)
Company typePublicly traded
DFM: MASQ
ISINAEM000101014
Industry
Founded1967 (1967) in Dubai
Headquarters
Dubai
,
United Arab Emirates
Key people
Revenue
  • DH 12.58 billion (2025)
  • DH 13.42 billion (2024)
  • DH 6.97 billion (2025)
  • DH 9.02 billion (2024)
Total assets
  • DH 334.63 billion (2025)
  • DH 267.45 billion (2024)
Number of employees
6,163 (2024)
ParentAl Ghurair Group
DivisionsTitan Financial Brokers
Websitewww.mashreq.com
Footnotes / references
[1] · [2] · [3] · [4]

Mashreq (Arabic: بنك المشرق) is one of the oldest banking institutions in the United Arab Emirates and the second in the Middle East.[5] Established in 1967 as the Bank of Oman, the bank later rebranded as Mashreq and has since expanded its operations across multiple markets.

Services

Mashreq provides a range of conventional and Islamic banking services, including personal banking solutions such as deposits, loans[6], and credit cards. The bank also offers corporate and investment banking services, including corporate finance, investment advisory on mergers and acquisitions, initial public offerings (IPOs), and underwriting.[7][8]

Additionally, Mashreq delivers wealth and asset management services, catering to both institutional and individual clients.[9]

Through its digital banking platform, Mashreq NEO, the bank provides UAE and Egypt residents with a suite of online banking services. The Mashreq NEO app offers functionalities such as account transactions, bill payments, reward tracking, and financial news updates.[10]

Global presence

Mashreq operates in 14 countries, employing over 6,000 professionals from 70 nationalities. The bank has corporate banking operations in Oman, Bahrain, Qatar, Kuwait, and India, and provides corporate and retail banking services in Egypt. It has also obtained a restricted license from the State Bank of Pakistan to pilot digital retail banking operations. Additionally, Mashreq is involved in foreign exchange businesses in Bangladesh, Pakistan, and Nepal. Outside the Middle East and South Asia, Mashreq maintains full-service branches in New York, London, and Hong Kong.[11]

Recognitions

In 2024, Brand Finance ranked Mashreq as the fastest-growing banking brand in the Middle East in its Banking 500 rankings. The bank was also named the Middle East's Best Digital Bank for the fifth consecutive year at the Euromoney Awards for Excellence. Additionally, The Banker's Top 1000 Global Bank Ratings recognized Mashreq as the Best Performing Bank in the UAE for the second consecutive year. The bank also received the Banking Group Brand of the Year – MENA award at the Global Banking & Finance Awards.[12]

Financial Performance

For the year 2024, Mashreq reported a net profit before tax of AED 9.9 billion.[13]

Products

Product offerings include:

See also

References

  1. ^ "Factsheet". Mashreq. 3 February 2026. Archived from the original on 5 February 2026. Retrieved 4 February 2026.
  2. ^ "Management Discussion & Analysis Report: Financial Year 2024" (PDF). Mashreq. 30 January 2025. Archived (PDF) from the original on 24 September 2025. Retrieved 4 February 2026.
  3. ^ "Mashreq delivers AED9 billion net profit after tax in 2024". Emirates News Agency. 30 January 2025. Archived from the original on 14 September 2025. Retrieved 4 February 2026.
  4. ^ "Q4 & FY 2024 Earnings PowerPoint Presentation" (PDF). Mashreq. February 2025. Archived from the original on 5 February 2026. Retrieved 4 February 2026.
  5. ^ Debusmann, Bernd Jr. (21 February 2019). "It's all about new ideas at Saudi Arabia's oldest bank". Arabian Business. Archived from the original on 26 August 2025. Retrieved 4 February 2026.
  6. ^ "Top Rated 12 Best Instant Loan Apps in UAE". Dubai: SEO Tech Experts. 24 April 2024. Retrieved 5 February 2026.
  7. ^ Singh, Sunil (22 August 2022). "Are Middle Eastern asset management firms doing enough in the Shariah space?". Citywire. Retrieved 4 February 2026.
  8. ^ Srivastava, Mehak (26 July 2022). "Innovation, ESG to spur Islamic finance growth". MEED. Archived from the original on 5 February 2023. Retrieved 4 February 2026.
  9. ^ Brusnahan, Patrick (19 December 2024). "Mashreq: how to manage wealth through geopolitical uncertainty". Private Banker International. Archived from the original on 25 January 2025. Retrieved 4 February 2026.
  10. ^ "Mashreq Enhances Digital 'NEO' Experience for Customers by Launching 'Mashreq UAE' Banking App". The Fintech Times. 11 January 2024. Archived from the original on 11 January 2024. Retrieved 4 February 2026.
  11. ^ "Mashreq expands corporate banking footprint to Oman with tailored financial solutions" (Press release). Zawya by LSEG. 20 January 2025. Archived from the original on 7 September 2025. Retrieved 4 February 2026.
  12. ^ "Mashreq receives accolades at the Middle East Technology Excellence Awards 2024 for groundbreaking account opening solutions". The Asian Business Review. 17 December 2024. Archived from the original on 14 January 2025. Retrieved 4 February 2026.
  13. ^ "Mashreq reports record AED 9.9 billion net profit in 2024". MEA Finance. 30 January 2025. Archived from the original on 11 February 2025. Retrieved 4 February 2026.
  14. ^ Mansoor, Zainab (1 March 2020). "Dubai's DIFC, Mashreq Bank launch bank account opening with KYC blockchain platform". Gulf Business. Archived from the original on 17 September 2020. Retrieved 4 February 2026.
  15. ^ Sambidge, Andrew (25 March 2022). "Mashreq launches digital initiative to support Dubai's IPO push". Arabian Business. Retrieved 4 February 2026.
  16. ^ "Mashreq becomes first bank in UAE to launch digital banking proposition for SMEs". Emirates News Agency. 25 September 2019. Archived from the original on 29 January 2023. Retrieved 4 February 2026.
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