In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. At the end of last year our Total Assets stood at AED 84.8 billion. A Fitch rating is an opinion as to the creditworthiness of a security. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT . Qatar National Bank (QNB) occupies the first place in the list. NBD merged with Emirates Bank International (EBI) on 6 March 2007, to form Emirates NBD. Security Advice. Institutions ... Do I need a Bank account with Mashreq? 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 … Fitch's view of support factors in the sovereign's strong capacity to support the banking system, sustained by sovereign wealth funds and recurring revenue, mostly from hydrocarbon production, despite lower oil prices, and the moderate size of the UAE banking sector in relation to the country's GDP. 337123) which authorizes it to provide credit ratings to wholesale clients only. It operates as a subsidiary of Qatar National Bank. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. |. MGS was … Fax: (212) 480-4435. Start your Free Trial. The bank's problem loans ratio (which includes impaired loans + restructured loans + 90 days past due but not impaired loans) was 9.4% at end-2017. CSR. 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 information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. 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. An upgrade would require a stronger franchise and further improvement in asset quality. 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. Ratings are not a recommendation to buy, sell, or hold any security. 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. All Fitch reports have shared authorship. Type: Company - Private. 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. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. Historical Total Assets (Quarterly) Data. 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%. Bank capital ratios are solid and a number of banks issued new Tier 1 and Tier 2 type capital securities in 2016 as part of the Basel III framework. IDRS, SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF). The company’s market capitalization was $274 billion as of September 12, 2019. The first chip-based credit card was introduced to the region by Mashreq in 2004. International banking. At end-2018 the bank's Tier 1 regulatory capital ratio was 15.3% (the Fitch core capital (FCC) ratio stood at a lower 15.1%, due to the deduction of insurance net assets) and the total capital adequacy ratio was 16.5%. * QNB Alahli Bank (S.A.E) (formerly National Societe Generale Bank) is one of the largest private banks in Egypt. Telephone: 1-800-753-4824, (212) 908-0500. Read More. Fitch is not engaged in the offer or sale of any security. Mashreq is invariably among the highest performing banks in the region. Font Size - Aa + Mashreq Bank reports increase in Q3 profit. With 1,000 branches, it is also the third-largest of banks in Poland in terms of branch network, servicing 3.5 million customers. Offshore Mashreq Bank, free offshore mashreq bank software downloads, Page 3. This website uses cookies to improve your online experience. View and export this data going back to 2009. Mashreq has a broad UAE-wide franchise, comprising four main business groups: retail, corporate and investment banking, treasury and capital markets, and international banking. Thus, the new name of the station has become Mashreq Metro Station. 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-'. 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 … [citation needed] In 1993 the name of the bank was changed from Bank of Oman to Mashreq. The following table shows the ranking of the 50 largest Arab banks based on total assets. We assign Short-Term IDRs according to the mapping correspondence described in our rating criteria. Unable to connect to the remote server {{Description}} Unable to connect to the remote server "In conjunction with the company's cash reserves, the facility will allow full redemption of the sukuk at the maturity date of 31 October 2020," it said. Qatar National Bank (QNB) occupies the first place in the list. In 2013, BZ WBK merged with Kredyt Bank, making Bank Zachodni WBK Poland’s third-largest bank in terms of market share. IR. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the "NRSRO"). As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. Mashreq Asset Management. Mashreq can afford to let go of expensive deposits given its reasonable asset growth. 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. Quickly uncover hidden opportunities with comprehensive data and content. The individuals are named for contact purposes only. 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. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: . 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. UAE GDP to shrink more than previously forecast, to grow by 2.5% in 2021 - central bank, UAE's first crypto library at Abu Dhabi’s Technology Innovation Institute, UAE Central Bank launches M-bills to manage liquidity in banking sector, Sovereign assets of Abu Dhabi, Kuwait, Qatar help weather COVID-19, oil shock, FAB opens Jakarta office to support MENA-Indonesia trade and investment, Economic outlook improves; UAE, Bahrain to get a boost from COVID-19 vaccine rollout, Dubai property prices decline by 0.9%, rents fall by 6.9% in Q3 - central bank, UAE's Etihad Airways to resume flights to Istanbul, COVID-19 vaccines to boost MENA economies, GCC states to rebound fast, Saudi sovereign wealth fund PIF makes key leadership changes, Two lawmakers urge U.S. to further tighten restrictions on SMIC, Soybeans hit new 6-1/2-year high on S.America supply worries, Egypt central bank forecast to keep interest rates unchanged, Spain moves to slash rents for struggling bars and restaurants, Russia's Gazprom Neft to restart idle oil wells in West Siberia. The bank employs 209,000 people and serves about 50 million retail and small business customers through 4,600 branches and 16,000 ATMs. 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. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. And yet only Bahrain and Dubai could make a claim at being the region’s financial hubs. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT . Fitch's view of support factors in the sovereign's strong capacity to support the banking system. 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. 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. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. Copyright © 2020 Zawya. The ratings of the senior unsecured notes issued directly by the bank are subject to the same sensitivities as the bank's IDRs. (The following statement was released by the rating agency). 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. GOVERNMENTS APPLIED LESSONS FROM THE 2008 CRISIS TO MAKE BOLD … Our branch network extends across the UAE with one in every two households in the UAE banking with us. 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. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. Its total assets also grew by 2% to AED162.6bn, and loans and advances rose by 2.8% to AED78.3bn compared to December 2019. It is the country’s third-largest bank in terms of assets. 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. Fitch does not provide investment advice of any sort. Pre-provision operating profits (5.5% of gross loans in 2017) provide significant loss absorption capacity before capital gets impacted. Mashreq's IDRs, SR and SRF reflect an extremely high probability of support available to the bank from the UAE authorities if needed. Mashreq's capital position remains sound. 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