“To be the region’s most progressive bank enabling innovative possibilities for our clients, colleagues and communities” 3 Mashreq Investor Presentation UAE economy Mashreq heritage Structure and Leadership Strategy Financial track record Trading history, rating and dividends Corporate governance & Risk Mgmt. (The following statement was released by the rating agency). Mashreq is the fifth-largest bank in the UAE, with a 6% market share of total system assets at end-2019. The company’s market capitalization was $274 billion as of September 12, 2019. 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. Accolades. Copyright © 2018 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 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. IR. Historical Total Assets (Quarterly) Data. Telephone: 1-800-753-4824, (212) 908-0500. 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. If capital above the minimum total regulatory requirement is added to loan loss reserves, then the loan loss reserves/gross loans ratio increases to 13.7% from 4.8%, which is higher than the 9.4% problem loans ratio. 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. 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. News. Wells Fargo & Co (NYSE: WFC), established in 1852, is one of the Big Four banks in the United States. Institutions ... Do I need a Bank account with Mashreq? 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. All Rights Reserved. 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. Security Advice. Mashreq's profitability remains healthy but slightly below the peer average. While Mashreq's franchise is well established in the UAE, the bank ranks well behind peers such as Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank or Abu Dhabi Commercial Bank in terms of market shares and size. United Overseas Bank Total Assets (Quarterly): 308.31B for June 30, 2020. 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. 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. CSR. Read More. 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 Bank SWOT Analysis Mashreq Bank Strengths Below are the Strengths in the SWOT Analysis of Mashreq Bank: 1. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. 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. Dubai’s Roads and Transport Authority (RTA) has signed an agreement granting Mashreq Bank the naming rights of the ex-Sharaf DG Metro Station. 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. Long-Term IDR affirmed at 'A'; Outlook Stable, Senior unsecured debt affirmed at 'A'/'F1'. Mashreq's capital position remains sound. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). 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%. Mashreq's Short-Term IDR of 'F1' is the lower of the two options corresponding to an 'A' Long-Term IDR as described in our rating criteria. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT . 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%. 337123) which authorizes it to provide credit ratings to wholesale clients only. 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 … Reproduction or retransmission in whole or in part is prohibited except by permission. Mashreq has a broad UAE-wide franchise, comprising four main business groups: retail, corporate and investment banking, treasury and capital markets, and international banking. It also reflects sizeable concentrations in the deposit base and is somewhat constrained by a more limited market share and size than some domestic peers. * QNB Alahli Bank (S.A.E) (formerly National Societe Generale Bank) is one of the largest private banks in Egypt. 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. 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. 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. 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. At the end of last year our Total Assets stood at AED 84.8 billion. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. 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 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. Thus, the new name of the station has become Mashreq Metro Station. Size: 501 to 1000 Employees. Mashreq's VR is sensitive to weakening asset quality affecting the bank's capital ratios. Revenue: $5 to $10 million (USD) Competitors: Accenture, Société Générale, Deloitte Create Comparison. MGS was … [citation needed] In 1993 the name of the bank was changed from Bank of Oman to Mashreq. 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. Mashreq Asset Management. 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. Mashreq's IDRs, SR and SRF reflect an extremely high probability of support available to the bank from the UAE authorities if needed. Mashreq is the fifth-largest bank in the UAE, with a 5.4% market share of total system assets at end-1H20. Export Data Save Image Print Image For advanced charting, view our full-featured Fundamental Chart. 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%. Mashreq Posts AED 450 Million Net Profit For 1Q 2020. In 16 years the bank's assets grew from AED1 billion to 10 billion. 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. 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. 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. Font Size - Aa + Mashreq Bank reports increase in Q3 profit. Mashreq Bank Positioning A UAE bank offering financial services to millions of customers and businesses since 1967. The company whose main assets are in Egypt and in the Kurdistan Region of Iraq said on Thursday it had obtained a one-year $90 million loan from Mashreq Bank. Copyright © 2020 Zawya. 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. Mashreq is invariably among the highest performing banks in the region. Loans and Advances increased by 3.0% in the quarter to end at AED 60.2 billion. An upgrade would require a stronger franchise and further improvement in asset quality. Unable to connect to the remote server {{Description}} Unable to connect to the remote server Its loans-to-deposits ratio is among the lowest in the UAE. 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. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. All data and information provided on this site is for informational purposes only. 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. Mashreq is the fifth-largest bank in the UAE, with a 5% market share of total system assets at end-2017. While Mashreq's franchise is well established in the UAE, the bank lags behind its larger UAE peers in terms of market shares and size. The ratings of the senior unsecured notes issued directly by the bank are subject to the same sensitivities as the bank's IDRs. Oct 7, 2020 . All rights reserved. Mashreq's margins continued to fall in 2017 as the bank focuses on lower risk/lower return assets. It is the country’s third-largest bank in terms of assets. In 2015, about 24% of assets were in purely Islamic banks, 40% in hybrid banks and 36% in conventional banks. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Mashreq Bank: Executive Appointment: Mashreq names new Group Head of Compliance and MLRO. The first chip-based credit card was introduced to the region by Mashreq in 2004. International banking. All Fitch reports have shared authorship. Fitch is not engaged in the offer or sale of any security. In 2013, BZ WBK merged with Kredyt Bank, making Bank Zachodni WBK Poland’s third-largest bank in terms of market share. The following table shows the ranking of the 50 largest Arab banks based on total assets. Offshore Mashreq Bank, free offshore mashreq bank software downloads, Page 3. • 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 A full list of rating actions is at the end of this rating action commentary. Mashreq Bank: Executive Appointment: Mashreq names new Group Head of … 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. This website uses cookies to improve your online experience. Browse... View Full Chart Total Assets (Quarterly) Chart . 33 Whitehall Street, NY, NY 10004. 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. 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. An 'A' Long-Term IDR can correspond to a Short-Term IDR of either 'F1' or 'F1+'. Mashreq's asset quality is sound. 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. 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. Fitch does not provide investment advice of any sort. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). Institutions Learn more. Our branch network extends across the UAE with one in every two households in the UAE banking with us. They were placed on your computer when you launched this website. Mashreq Bank Target Market Private individuals, large corporate, SME’s and financial institutions. Fax: (212) 480-4435. The VR reflects Mashreq's sound asset quality and risk appetite, resilient franchise, strong capitalisation, comfortable liquidity position, healthy profitability and lower single-borrower concentration than the sector average. Type: Company - Private. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT . Operating return on RWAs has been under pressure on the back of high loan impairment charges in the last two years, but is expected to rebound in the near term once Mashreq has completed its balance sheet clean-up. The individuals are named for contact purposes only. Founded: 1967. On the other hand, customer deposits declined by 2.7% to AED88.5bn, while loan-to-deposit ratio remained strong at 88.5%. The following table shows the ranking of the 50 largest Arab banks based on total assets. 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. On a year-on-year basis, Loans and Advances grew by 3.7% driven by 14.0% growth in Islamic finance. And yet only Bahrain and Dubai could make a claim at being the region’s financial hubs. 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. 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 … Pre-provision operating profits (5.5% of gross loans in 2017) provide significant loss absorption capacity before capital gets impacted. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. 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. Phishing is a form of fraud through communication in an attempt to obtain the intended victim's sensitive information such as username, password, credit card or bank account details. Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the "NRSRO"). 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-'. Fitch also expects high willingness from the authorities to support the banking sector. 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. It operates as a subsidiary of Qatar National Bank. 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%. Have news to share? 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 … Mashreq's IDRs, SR and SRF are sensitive to a change in Fitch's view of the creditworthiness of the UAE authorities and on their propensity to support the banking system or the bank. 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 … 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. 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. GOVERNMENTS APPLIED LESSONS FROM THE 2008 CRISIS TO MAKE BOLD … With 1,000 branches, it is also the third-largest of banks in Poland in terms of branch network, servicing 3.5 million customers. We assign Short-Term IDRs according to the mapping correspondence described in our rating criteria. Qatar National Bank (QNB) occupies the first place in the list. 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. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Start your Free Trial. 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. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Mashreq Global Services (MGS) is a wholly owned subsidiary of Dubai-headquartered Mashreq Bank, the oldest private bank in the United Arab Emirates (UAE). Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. Concentration in customer deposits is high by international standards but reasonable for the region, with the top 20 deposits representing 24% of the total. Copyright © 2018, All Rights Reserved. Mashreq can afford to let go of expensive deposits given its reasonable asset growth. A Fitch rating is an opinion as to the creditworthiness of a security. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Quickly uncover hidden opportunities with comprehensive data and content. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Mashreq's asset quality is sound. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO. Its market share has been stable on the back of conservative growth and strong balance sheet clean up in the last few years. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. 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. Fitch's view of support factors in the sovereign's strong capacity to support the banking system. 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. Industry: Investment Banking & Asset Management. Ratings are not a recommendation to buy, sell, or hold any security. Source: Bloomberg Data as of July 2020 H1 2020: GO BIG, GO EARLY AND UNCONDITIONAL POLICY RESPONSE. Qatar National Bank (QNB) occupies the first place in the list. While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see ), other credit rating subsidiaries are not listed on Form NRSRO (the "non-NRSROs") and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. |. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Dodd-Frank Rating Information Disclosure Form. NBD merged with Emirates Bank International (EBI) on 6 March 2007, to form Emirates NBD. 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. The bank employs 209,000 people and serves about 50 million retail and small business customers through 4,600 branches and 16,000 ATMs. IDRS, SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF). 16/04/2020. View 4,000+ financial data types. Portfolio Size: 23 borrowing and 104 non-borrowing Customers Asset Base: AED 61M; Achieved AED 93M against annual target of AED 96M Responsible for booking new to bank borrowing relationships Responsible forachieving growth targets involving funded/non-funded assets, NII, foreign exchange and commission revenues. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: . You can change your cookie settings through your browser. View and export this data going back to 2009. 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%. 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. Pressure on funding costs remains but has eased. Assets and Asset quality. Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Provide significant loss absorption capacity before capital gets impacted your company press releases to pressrelease.zawya @ refinitiv.com Create.! 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