Mashreq Bank

FGB tops efficiency ratios among UAE banks

In a study undertaken by Credit Suisse, amongst the other banks of UAE, First Gulf Bank (FGB) has been assessed as the bank having the maximum efficiency ratio, with its cost-to-income ratio of 20.9% for 1H09.

FGB is one of the most efficient banks in the world, with its cost-to-income ratio being 22.2% in 1Q09; and it has maintained the same efficiency ratio through 1H08 and 1H09
- about 20%. It has strictly controlled its cost by Dhs36m i. e 12%, quarter-on-quarter basis.

UAE's first debt counseling service unveiled by Mashreq

The UAE's first debt counseling service has been launched by Mashreq Bank, for the customers who are struggling to pay back their loans.

The main aim of 'Mashreq Assist' is to aid individuals and small and medium sized enterprises restructure their outstanding cards, loans and facilities.

The UAE's third biggest bank by market value said that over the last few months, an increasing number of customers have visited the company asking for financial counseling and support.

AHAB files counter-complaint against Mashreq Bank

Recently, Ahmad Hamad Algosaibi & Brothers (AHAB) registered a complaint against Mashreq bank, claiming that it knew about the "suspicious" transactions or was "willfully blind to these facts," thus introducing an all-new angle to the issue between two prominent Saudi companies.

Good time to make acquisitions; says Dubai bank CEO

Saturday saw the head of Mashreq bank, Abdul Aziz Al-Ghurair commenting that it seems that the United Arab Emirates has passed through the worst of the global financial crisis and presently, it is quite a good time to make acquisitions.

Al-Ghurair, who interacted with reporters on the sidelines of the World Economic Forum in Jordan, said that he feels they have reached the bottom and the worst is behind them. He added that though they are not sure how long this will last, however they have stabilized.