Mashreq is holding talks with Citigroup about acquiring its retail banking business in Egypt and is targeting net profit growth in 2015 of between 6 per cent and 10 per cent, the Dubai bank's chief executive said on Sunday.
Mashreq, Dubai's third-biggest lender by assets, is interested in acquiring Citigroup's Egyptian retail business, Mashreq's chief executive said on Sunday.
The bank is holding talks with Citi on the matter, Abdul Aziz
Mashreq, Dubai's third-biggest lender by assets, made a net profit of Dh596.8 million ($162.5 million) for the third quarter of the year, a rise of 26 per cent on the Dh473.2 million ($128.8 million) during the corresponding period of 2013.
UAE-based financial institution Mashreq has appointed Vivek Uberoi as the new country head of Mashreq Bank Bahrain.
Uberoi has more than 20 years experience in the banking and financial sector, and has held various senior position
Dubai-based pay-TV network OSN has partnered with financial institution Mashreq and a Visa company, Cybersource, to launch the CyberSource payment management solution for its subscribers.
The agreement ensures secure online payment serv
Mashreq has reported a 40 per cent increase in net profit for the first half, climbing to Dh1.16 billion ($315.8 million), compared with Dh828 million in the first half of last year.
Net profit in the second quarter reached Dh585
Dubai's Mashreq, the emirate's third-biggest lender by assets, reported a 35 percent increase in first-quarter net profit on rising income thanks to improving economic conditions.
The lender made a net profit of 575 millio
Dubai's Mashreq has increased the limit on foreign ownership of its shares to 49 percent, its chief executive said on Monday, in line with a wider move by companies in the UAE to open up to international investors.
Mashreq, Dubai's third-biggest lender by assets, on Monday posted a 48 percent rise in fourth-quarter net profit, Reuters calculations showed.
The bank earned 504.6 million dirhams ($137.38 million) in the quarter, compared wi