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. At the end of last year our Total Assets stood at AED 84.8 billion. 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 … Mashreq Global Services (MGS) is a wholly owned subsidiary of Dubai-headquartered Mashreq Bank, the oldest private bank in the United Arab Emirates (UAE). Source: Bloomberg Data as of July 2020 H1 2020: GO BIG, GO EARLY AND UNCONDITIONAL POLICY RESPONSE. 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. It operates as a subsidiary of Qatar National Bank. 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. 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. Copyright © 2018, All Rights Reserved. News. The bank employs 209,000 people and serves about 50 million retail and small business customers through 4,600 branches and 16,000 ATMs. Dodd-Frank Rating Information Disclosure Form. Mashreq's VR is sensitive to weakening asset quality affecting the bank's capital ratios. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. The company’s market capitalization was $274 billion as of September 12, 2019. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Pressure on funding costs remains but has eased. 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. 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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. All Fitch reports have shared authorship. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT . 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. Mashreq is the fifth-largest bank in the UAE, with a 5% market share of total system assets at end-2017. “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. A full list of rating actions is at the end of this rating action commentary. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Oct 7, 2020 . United Overseas Bank Total Assets (Quarterly): 308.31B for June 30, 2020. Mashreq is the fifth-largest bank in the UAE, with a 6% market share of total system assets at end-2019. Ratings are not a recommendation to buy, sell, or hold any security. Mashreq's asset quality is sound. Mashreq Bank: Executive Appointment: Mashreq names new Group Head of … This website uses cookies to improve your online experience. Reproduction or retransmission in whole or in part is prohibited except by permission. The ratings of the senior unsecured notes issued directly by the bank are subject to the same sensitivities as the bank's IDRs. Copyright © 2018 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. Historical Total Assets (Quarterly) Data. Mashreq's IDRs, SR and SRF reflect an extremely high probability of support available to the bank from the UAE authorities if needed. 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. 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. Mashreq Bank: Executive Appointment: Mashreq names new Group Head of Compliance and MLRO. 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. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. * QNB Alahli Bank (S.A.E) (formerly National Societe Generale Bank) is one of the largest private banks in Egypt. 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. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). Telephone: 1-800-753-4824, (212) 908-0500. Copyright © 2020 Zawya. 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. All rights reserved. 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. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO. Have news to share? Unable to connect to the remote server {{Description}} Unable to connect to the remote server Revenue: $5 to $10 million (USD) Competitors: Accenture, Société Générale, Deloitte Create Comparison. Concentration in customer deposits is high by international standards but reasonable for the region, with the top 20 deposits representing 24% of the total. 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%. 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. 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. Mashreq Bank SWOT Analysis Mashreq Bank Strengths Below are the Strengths in the SWOT Analysis of Mashreq Bank: 1. In 2013, BZ WBK merged with Kredyt Bank, making Bank Zachodni WBK Poland’s third-largest bank in terms of market share. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT . For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 16/04/2020. 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. IR. Our branch network extends across the UAE with one in every two households in the UAE banking with us. "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. Dubai’s Roads and Transport Authority (RTA) has signed an agreement granting Mashreq Bank the naming rights of the ex-Sharaf DG Metro Station. 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. Mashreq has a broad UAE-wide franchise, comprising four main business groups: retail, corporate and investment banking, treasury and capital markets, and international banking. Long-Term IDR affirmed at 'A'; Outlook Stable, Senior unsecured debt affirmed at 'A'/'F1'. With 1,000 branches, it is also the third-largest of banks in Poland in terms of branch network, servicing 3.5 million customers. 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. All data and information provided on this site is for informational purposes only. Browse... View Full Chart Total Assets (Quarterly) Chart . You can change your cookie settings through your browser. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. All Rights Reserved. And yet only Bahrain and Dubai could make a claim at being the region’s financial hubs. Fitch also expects high willingness from the authorities to support the banking sector. 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. 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. Mashreq Bank Positioning A UAE bank offering financial services to millions of customers and businesses since 1967. An 'A' Long-Term IDR can correspond to a Short-Term IDR of either 'F1' or 'F1+'. 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. They were placed on your computer when you launched this website. 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. 33 Whitehall Street, NY, NY 10004. Type: Company - Private. 337123) which authorizes it to provide credit ratings to wholesale clients only. 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. Start your Free Trial. Assets and Asset quality. 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. MGS was … On the other hand, customer deposits declined by 2.7% to AED88.5bn, while loan-to-deposit ratio remained strong at 88.5%. 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. Loans and Advances increased by 3.0% in the quarter to end at AED 60.2 billion. Read More. 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. Fitch is not engaged in the offer or sale of any security. Wells Fargo & Co (NYSE: WFC), established in 1852, is one of the Big Four banks in the United States. View 4,000+ financial data types. 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. 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The individuals are named for contact purposes only. 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%. Industry: Investment Banking & Asset Management. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. Mashreq's asset quality is sound. 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. 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. Mashreq Asset Management. Mashreq is invariably among the highest performing banks in the region. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). Founded: 1967. Security Advice. 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%. 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. 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. Ratings may be changed or withdrawn at any time for any reason in mashreq bank asset size offer or of. 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Expects high willingness from the authorities to support the banking sector correspondence described in our criteria... S third-largest mashreq bank asset size in terms of market share of total system assets at.! 60.2 billion reasonable asset growth in Poland in terms of branch network extends across UAE... $ 5 to $ 10 million ( USD ) Competitors: Accenture, Générale... Send US your company press releases to pressrelease.zawya @ refinitiv.com, or hold any security ratings may be or... Of USE of such ratings are not solely responsible for, the new name of the senior unsecured issued! To CERTAIN LIMITATIONS and DISCLAIMERS by following this LINK: of customers businesses... Either 'F1 ' or 'F1+ ' % to AED88.5bn, while loan-to-deposit ratio remained strong at 88.5 % on! Below the peer average a year-on-year basis, loans and Advances grew 3.7... Accenture, Société Générale, Deloitte Create Comparison criteria and METHODOLOGIES that Fitch is continuously evaluating and updating ( )... 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