Standard and Poor’s Rating Services Affirms Mashreq at 'A': Outlook Stable
17 July 2007
Dubai, United Arab Emirates: One of the world's foremost providers of independent credit ratings, indices, risk evaluation, investment research, data and valuations, Standard and Poor’s, has recently assigned its 'A' long-term and 'A-1' short-term counterparty credit ratings to Mashreq.
“This is yet another testament to Mashreq’s success. We will continue to exploit opportunities in the market in an effort to offer world-class banking services that exceed our customers' needs and expectations,” said Abdul-Aziz Al-Ghurair,CEO, mashreq. “mashreq intends to protect its competitive position in the UAE and to continue growing along with the economy, focusing on its core businesses and developing the new lines of business that are emerging in the UAE”.
The ratings reflect the bank's good commercial position, strong financial profile, and robust liquidity. "Standard & Poor's considers Mashreq a systemically important bank and the United Arab Emirates interventionist with regard to its banking sector," said Standard & Poor's credit analyst Mohamed Damak.
Mashreq's financial performance is strong. The bank’s net profit to average adjusted assets stood at a high 3.2% in 2006, backed by the bank's strong asset quality thanks to its advanced risk management framework, and increasing forays into the retail segment. Liquidity is strong, as more than 20% of the bank's total assets are invested in very liquid forms and the bulk of its securities portfolio is of high quality.
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About Mashreq
Mashreq is the largest private bank in the UAE and also the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts it was the first to launch such products as travellers’ cheques, credit cards and ATMs.
It is invariably among the highest performing banks in the region. Last year it recorded a Net Profit of over US$470 million from a Total Operating Income of $844 million. At the end of last year its Total Assets stood at $15.2 billion
Mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
For further information, please contact:
Saad Hakim, Rania Helmy & Pooja Keswani
PR Manager, Mashreq Gulf Hill & Knowlton
Tel: 04 6083707 Tel: 04 334 4930
Email: SaadHa@mashreqbank.com
Email: Rania.Helmy@hillandknowlton.com
Email: Pooja.Keswani@hillandknowlton.com