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18-07-21
Mashreqbank applies for banking license in Saudi Arabia
(MENAFN)Bloomberg News quoted Ahmed Abdelaal, CEO of Mashreqbank as saying that Mashreqbank has applied for a banking license in Saudi Arabia and is looking for being part the Omani market.
He further stated during an interview that the Dubai-based lender no longer witnesses its main competitors as other bricks-and-mortar lenders and sees the future of retail banking as digital only.
Abdelaal also declared that traditional bank branches will no longer exist “very soon,” Bloomberg reported. He added that The Dubai-based lender currently operates just 10 branches in the UAE, with closing 24 in the past two years.
He said that “There’s a complete shift in our strategy to focus on digital
channels,” which now account for the majority of new business at the lender. “We still have some clients who rely on brick and mortar but our numbers show these are diminishing by the minute.”
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