The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. All Rights Reserved. In 2013, BZ WBK merged with Kredyt Bank, making Bank Zachodni WBK Poland’s third-largest bank in terms of market share. An 'A' Long-Term IDR can correspond to a Short-Term IDR of either 'F1' or 'F1+'. Industry: Investment Banking & Asset Management. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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. 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. "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. 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. 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. 33 Whitehall Street, NY, NY 10004. 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. View 4,000+ financial data types. On the other hand, customer deposits declined by 2.7% to AED88.5bn, while loan-to-deposit ratio remained strong at 88.5%. 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%. Our branch network extends across the UAE with one in every two households in the UAE banking with us. Institutions Learn more. The following table shows the ranking of the 50 largest Arab banks based on total assets. |. Its loans-to-deposits ratio is among the lowest in the UAE. 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 … The bank employs 209,000 people and serves about 50 million retail and small business customers through 4,600 branches and 16,000 ATMs. 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. Oct 7, 2020 . 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%. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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%. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. Fitch's view of support factors in the sovereign's strong capacity to support the banking system. Fitch also expects high willingness from the authorities to support the banking sector. 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 … Founded: 1967. Copyright © 2020 Zawya. 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. Mashreq has a broad UAE-wide franchise, comprising four main business groups: retail, corporate and investment banking, treasury and capital markets, and international banking. 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. In 16 years the bank's assets grew from AED1 billion to 10 billion. Thus, the new name of the station has become Mashreq Metro Station. Loans and Advances increased by 3.0% in the quarter to end at AED 60.2 billion. 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. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. 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. 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. Browse... View Full Chart Total Assets (Quarterly) Chart . Qatar National Bank (QNB) occupies the first place in the list. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. • 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 Telephone: 1-800-753-4824, (212) 908-0500. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. 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. 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 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. 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. 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. 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. Copyright © 2018, All Rights Reserved. At the end of last year our Total Assets stood at AED 84.8 billion. Mashreq's asset quality is sound. Copyright © 2018 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Mashreq Posts AED 450 Million Net Profit For 1Q 2020. Mashreq is invariably among the highest performing banks in the region. News. Wells Fargo & Co (NYSE: WFC), established in 1852, is one of the Big Four banks in the United States. 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. Accolades. The individuals are named for contact purposes only. 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. 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. Reproduction or retransmission in whole or in part is prohibited except by permission. * QNB Alahli Bank (S.A.E) (formerly National Societe Generale Bank) is one of the largest private banks in Egypt. Pressure on funding costs remains but has eased. 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 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. MGS was … Fitch does not provide investment advice of any sort. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT . IR. Mashreq Global Services (MGS) is a wholly owned subsidiary of Dubai-headquartered Mashreq Bank, the oldest private bank in the United Arab Emirates (UAE). 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 … The company’s market capitalization was $274 billion as of September 12, 2019. Read More. 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 is the fifth-largest bank in the UAE, with a 5.4% market share of total system assets at end-1H20. 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 can afford to let go of expensive deposits given its reasonable asset growth. Fax: (212) 480-4435. You can change your cookie settings through your browser. IDRS, SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF). Mashreq Asset Management. A Fitch rating is an opinion as to the creditworthiness of a security. Mashreq's profitability remains healthy but slightly below the peer average. The ratings of the senior unsecured notes issued directly by the bank are subject to the same sensitivities as the bank's IDRs. Qatar National Bank (QNB) occupies the first place in the list. 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%. And yet only Bahrain and Dubai could make a claim at being the region’s financial hubs. 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. 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. 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. Offshore Mashreq Bank, free offshore mashreq bank software downloads, Page 3. Size: 501 to 1000 Employees. Mashreq is the fifth-largest bank in the UAE, with a 6% market share of total system assets at end-2019. 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. [citation needed] In 1993 the name of the bank was changed from Bank of Oman to Mashreq. 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. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. 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. 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. 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. View and export this data going back to 2009. 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. In 2015, about 24% of assets were in purely Islamic banks, 40% in hybrid banks and 36% in conventional banks. This website uses cookies to improve your online experience. Mashreq Bank Target Market Private individuals, large corporate, SME’s and financial institutions. Unable to connect to the remote server {{Description}} Unable to connect to the remote server Long-Term IDR affirmed at 'A'; Outlook Stable, Senior unsecured debt affirmed at 'A'/'F1'. 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's asset quality is sound. 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. Dubai’s Roads and Transport Authority (RTA) has signed an agreement granting Mashreq Bank the naming rights of the ex-Sharaf DG Metro Station. Historical Total Assets (Quarterly) Data. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. They were placed on your computer when you launched this website. 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. Mashreq is the fifth-largest bank in the UAE, with a 5% market share of total system assets at end-2017. 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. 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. 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. Mashreq's capital position remains sound. Have news to share? Ratings are not a recommendation to buy, sell, or hold any security. Font Size - Aa + Mashreq Bank reports increase in Q3 profit. A full list of rating actions is at the end of this rating action commentary. 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. Its market share has been stable on the back of conservative growth and strong balance sheet clean up in the last few years. The following table shows the ranking of the 50 largest Arab banks based on total assets. 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%. 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. All data and information provided on this site is for informational purposes only. 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. Type: Company - Private. All rights reserved. 337123) which authorizes it to provide credit ratings to wholesale clients only. Revenue: $5 to $10 million (USD) Competitors: Accenture, Société Générale, Deloitte Create Comparison. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Quickly uncover hidden opportunities with comprehensive data and content. 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. Mashreq Bank: Executive Appointment: Mashreq names new Group Head of Compliance and MLRO. 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. It is the country’s third-largest bank in terms of assets. 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. Source: Bloomberg Data as of July 2020 H1 2020: GO BIG, GO EARLY AND UNCONDITIONAL POLICY RESPONSE. 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. An upgrade would require a stronger franchise and further improvement in 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. All Fitch reports have shared authorship. 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-'. 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. Fitch is not engaged in the offer or sale of any security. 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. Mashreq's margins continued to fall in 2017 as the bank focuses on lower risk/lower return assets. Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the "NRSRO"). Export Data Save Image Print Image For advanced charting, view our full-featured Fundamental Chart. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: . CSR. 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. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Security Advice. On a year-on-year basis, Loans and Advances grew by 3.7% driven by 14.0% growth in Islamic finance. 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. With 1,000 branches, it is also the third-largest of banks in Poland in terms of branch network, servicing 3.5 million customers. The first chip-based credit card was introduced to the region by Mashreq in 2004. International banking. Dodd-Frank Rating Information Disclosure Form. (The following statement was released by the rating agency). 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. NBD merged with Emirates Bank International (EBI) on 6 March 2007, to form Emirates NBD. Assets and Asset quality. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Mashreq's IDRs, SR and SRF reflect an extremely high probability of support available to the bank from the UAE authorities if needed. 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. It operates as a subsidiary of Qatar National Bank. 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. Kredyt Bank, free offshore mashreq Bank Positioning a UAE Bank offering financial services to millions of and. 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