Mashreq to focus on digital channels, applies for Saudi banking license: CEO

14/07/2021 Argaam

Ahmed Abdelaal, CEO of Mashreq Bank

Ahmed Abdelaal, Chief Executive Officer (CEO) of Dubai-based Mashreq Bank, said that there is a complete shift to focus on digital channels, which now account for majority of the new business in the bank.

 

“We still have some clients who rely on brick and mortar, but our numbers show these are diminishing by the minute,” Bloomberg quoted the CEO as saying.

 

The bank currently operates only 10 branches in the UAE, down from 34 two years ago.

 

On the other hand, Abdelaal revealed the bank’s plans to enter Oman and grow its business in Egypt. It has also applied for a banking license in Saudi Arabia.

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