The oldest local bank in the United Arab Emirates, Mashreq Bank has provided banking and financial services to millions of customers and businesses since 1967. It was established in Dubai as the Bank of Oman, prior to formation of the UAE, under a decree of the Ruler of Dubai – Shaikh Rashid Bin Saeed Al Maktoum. In 1993, the bank changed its name to Mashreq Bank and is now one of the UAE’s leading financial institutions. It has a strong retail and corporate banking presence throughout the Persian Gulf, with branches in Egypt, Qatar, Kuwait and Bahrain. The Mashreq branch network extends across the UAE, with 50 percent of households banking with the company. It also has customer service centers in key retail locations and one of the largest ATM networks in the country. In addition the bank has overseas offices in 11 countries across Europe, North America, Asia and Africa. The first branch of the Bank of Oman – as it was known back then – opened in Deira in 1967, which was swiftly followed by a second branch opening on the other side of Dubai Creek in Bur Dubai. The next few years saw additional branches open in Al Ain and Abu Dhabi. In 1971 the UAE was formed and the Qatar-Dubai Riyal (QRD) was replaced with the Dirham (AED) as the official currency of the state, a move which would go on to epitomize the state’s growth. The Bank of Oman soon became the first UAE bank to open a branch in Doha, Qatar. It took just another five years for the bank to establish a branch network, reaching 10 local branches in 1976. The Deira headquarters opened a year later and all of the head ofﬁce functions – previously housed in various branches – moved to the building. Soon after, Khorfakkan, Riqqa and Dhaid branches were inaugurated, as the bank’s assets crossed the AED2 billion mark. From 1978 the company turned its focus to more international ventures. Business extended to markets in Egypt, Pakistan, London and Hong Kong. In addition, with the opening of branches in Kalba, Dibba, Fujairah and Um Al Quwain, the bank became the first and only bank in the UAE with its presence in all the seven Emirates.
Today, the Dubai-based Mashreq Bank psc is the oldest privately owned bank in the United Arab Emirates. Founded as the Bank of Oman in 1967, Mashreq was the first UAE bank to install ATM cash dispensers, the first to issue debit and credit cards and the first to introduce consumer loans. Today Mashreq provides conventional and Islamic personal banking services including deposits, loans and credit cards; conventional and Islamic investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial in public offering and underwriting; conventional and Islamic asset management services including wealth management. Mashreq has 12 overseas offices in nine countries, including Europe, the United States, Asia and Africa.