December 23, 2020

mashreq bank asset size

Last year we recorded a Net Profit of AED 803 million from a Total Operating Income of AED 4.4 billion over the same period. A Fitch rating is an opinion as to the creditworthiness of a security. View 4,000+ financial data types. Reproduction or retransmission in whole or in part is prohibited except by permission. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. Mashreqbank psc is one of the leading banks in the United Arab Emirates (UAE) with total assets as at 31st Dec, 2005, of AED 45,742million (US$ 12.45billion), making it the largest private bank in the UAE having originally been established as Bank of Oman Ltd in 1967 in Dubai. * QNB Alahli Bank (S.A.E) (formerly National Societe Generale Bank) is one of the largest private banks in Egypt. Mashreq's SRF is at the UAE Domestic Systemically Important Banks' (D-SIB) SRF of 'A', reflecting the bank's D-SIB status in the UAE and, in particular Dubai. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: . Nevertheless, Mashreq's credit cards book is showing signs of stress as loans with 2013/2014/2015 vintages start to season and the bank holds significant amounts of restructured loans (5.3% of loans at end-2017), notably from Dubai government-related exposures. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. It is the country’s third-largest bank in terms of assets. The bank's loan book remains concentrated, albeit less than the peer average, with the 20 largest names accounting for 26% of gross loans and 0.9x Fitch Core Capital (FCC) at end-2017. Security Advice. Industry: Investment Banking & Asset Management. A full list of rating actions is at the end of this rating action commentary. • Assistant Relationship Manager, Corporate & Institutional Banking: Large Corporate, Yes Bank Limited, the 4th largest Indian private Bank by asset size • Handled an account portfolio of large corporate clients across diverse industries such as textiles, consumer durables, power, sugar and manufacturing sectors Mashreq Asset Management. This website uses cookies to improve your online experience. Emirates NBD was initially formed as National Bank of Dubai (NBD) on 19 June 1963 by then Dubai's ruler Sheikh Rashid bin Saeed Al Maktoum, forming the first national bank established in Dubai. Mashreq is the fifth-largest bank in the UAE, with a 5% market share of total system assets at end-2017. Qatar, at the other end of the scale, has only 4.5% of the region’s people but 20% of the region’s bank assets. You can change your cookie settings through your browser. Our branch network extends across the UAE with one in every two households in the UAE banking with us. In 2013, BZ WBK merged with Kredyt Bank, making Bank Zachodni WBK Poland’s third-largest bank in terms of market share. The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. The ratings of the senior unsecured debt issued by Mashreq are in line with the parent's Long- or Short-Term IDRs, because Fitch views the likelihood of default on any senior unsecured obligation the same as the likelihood of default of the bank. Revenue: $5 to $10 million (USD) Competitors: Accenture, Société Générale, Deloitte Create Comparison. Mashreq's profitability remains healthy but slightly below the peer average. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT . The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. On the other hand, customer deposits declined by 2.7% to AED88.5bn, while loan-to-deposit ratio remained strong at 88.5%. Capital ratios improved in 2017 due to a drop in RWAs pertaining to a change in risk weights for subsidiaries under Basel III and collateral optimization. Fitch does not provide investment advice of any sort. Fitch Ratings-Paris/London-June 21: Fitch Ratings has affirmed Mashreqbank PSC's (Mashreq) Long-Term Issuer Default Rating (IDR) at 'A' and Viability Rating (VR) at 'bbb-'. At the end of last year our Total Assets stood at AED 84.8 billion. All data and information provided on this site is for informational purposes only. Long-Term IDR affirmed at 'A'; Outlook Stable, Senior unsecured debt affirmed at 'A'/'F1'. Mashreq has a large stock of liquid assets (cash and equivalents, short-term interbank placements and liquid securities) equivalent to 22% of assets and 36% of customer deposits, providing a good liquidity cushion. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. The bank employs 209,000 people and serves about 50 million retail and small business customers through 4,600 branches and 16,000 ATMs. With 1,000 branches, it is also the third-largest of banks in Poland in terms of branch network, servicing 3.5 million customers. Mashreq Bank, the Dubai-based lender controlled by the Al Ghurair family, will shed 10 per cent of its workforce of over 4,000 in the next 12 months as investments in artificial technology are lessening its reliance on human resources, its chief executive said. All rights reserved. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. News. IR. Mashreq's margins continued to fall in 2017 as the bank focuses on lower risk/lower return assets. Its loans-to-deposits ratio is among the lowest in the UAE. Mashreq is invariably among the highest performing banks in the region. 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At end-2017, the loan loss coverage of impaired loans was high at 143% and loan loss coverage of problem loans was satisfactory at 51%. Copyright © 2018, All Rights Reserved. Mashreq Bank: Executive Appointment: Mashreq names new Group Head of Compliance and MLRO. Mashreq securities offers you two options: Opening a cash account with Mashreq: A cash account is a special Nil Balance account that would be used for the settlement of trade transaction i.e the debits and credits of the funds. Offshore Mashreq Bank, free offshore mashreq bank software downloads, Page 3. All Rights Reserved. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. Export Data Save Image Print Image For advanced charting, view our full-featured Fundamental Chart. The Top 10 banks also include four banks from United Arab Emirates, four banks from Saudi Arabia, 1 bank from Kuwait and 1 bank from Egypt. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. This has been demonstrated by the UAE authorities' long track record of supporting domestic banks, as well as close ties with and part government ownership links to a number of banks. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. Mashreq Capital is an 100%-owned asset management subsidiary of Mashreq Bank PSC (‘Mashreq’)and was established in 2006 in order to scale Mashreq’sAsset Management business Mashreq Capital has unlimited support and backing by Mashreq Bank PSC Regulated by the Dubai Financial Service Authority (DFSA) with a category 2 license Is a GIPS® compliant firm Currently … Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. Risky assets recouped almost half of their losses very quickly Recovery has been uneven and relatively defensive PERCENTAGE RETRACEMENT OF ASSET CLASSES TO THEIR 2020 PEAKS. Type: Company - Private. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001. The following table shows the ranking of the 50 largest Arab banks based on total assets. The ratings of the senior unsecured notes issued directly by the bank are subject to the same sensitivities as the bank's IDRs. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. IDRS, SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF). In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Mashreq Bank SWOT Analysis Mashreq Bank Strengths Below are the Strengths in the SWOT Analysis of Mashreq Bank: 1. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). Copyright © 2018 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. At end-2017 the Tier 1 regulatory capital ratio was 16.2% (the FCC ratio stood at a lower 15.7%, due to the deduction of insurance net assets) and the total regulatory capital ratio was 17.2%. 33 Whitehall Street, NY, NY 10004. Qatar National Bank (QNB) occupies the first place in the list. Mashreq can afford to let go of expensive deposits given its reasonable asset growth. The bank successfully cleaned up its large portfolio of small of medium size corporates in 2016-2017 and the impaired loan ratio has stabilised around 3.4%. An upgrade would require a stronger franchise and further improvement in asset quality. GOVERNMENTS APPLIED LESSONS FROM THE 2008 CRISIS TO MAKE BOLD … Mashreq Bank plans to invest heavily in robotics, artificial intelligence and machine learning Mashreq Bank plans to invest heavily in robotics, artificial intelligence and machine learning UAE-based Mashreq Bank reported third-quarter income of $159 million (AED587m), a 4.6 percent increase on the $152m (AED561m) it … The individuals are named for contact purposes only. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. It operates as a subsidiary of Qatar National Bank. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Dodd-Frank Rating Information Disclosure Form. The bank is positively geared for interest rate hikes and the impact of lower margins is offset by the bank's large share of non-interest income, high proportion of CASA deposits and by the bank's cost efficiency. Mashreq Bank Target Market Private individuals, large corporate, SME’s and financial institutions. An assessment of Assets and Liabilities under the program revealed that 90 per cent of the respondents had a contingency fund equal to 6 months … The following table shows the ranking of the 50 largest Arab banks based on total assets. Mashreq's asset quality is sound. And yet only Bahrain and Dubai could make a claim at being the region’s financial hubs. The Top 10 banks also include four banks from United Arab Emirates, four banks from Saudi Arabia, 1 bank from Kuwait and 1 bank from Egypt. Mashreq's Total Assets increased by 8.8% to reach AED 115.2 billion in 2015, compared to AED 105.8 billion at the end of 2014. 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