Tuesday 26 March 2019

Jan-Willem Sudmann

Mashreq sets up $1bn CD programme in Hong Kong

UAE, April 15, 2018

Mashreq Bank, a leading financial institution in the UAE, has established a $1 billion multi-currency certificate of deposit programme (CD programme) in Hong Kong, China.

The CD programme, which aims to provide access to new liquidity pools in Asia-Pacific, is being offered in multiple currencies, said a statement from the bank.

The launch of the programme highlights Mashreq’s growth in Asian markets given the positive momentum seen in UAE-China bilateral relations as a result of China’s Belt and Road initiatives, it said.

The CD programme has been assigned a short term rating of P-2 by Moody’s investor relations, and will help Mashreq raise funds in USD, EUR, and Asian currencies, including RMB when needed, it added.

Jan-Willem Sudmann, head of international banking group, said: "Mashreq has been raising our profile in the region for some time now. We first established a presence in Hong Kong in 1978 and have been steadily growing in recent years."

"The introduction of this CD programme will entice more institutional investors across Asia Pacific to consider our bank as a serious partner for their operations in the region," he added.

Mashreq has an A rating from Fitch; a Baa1 rating from Moody's and a rating of BBB+ from Standard & Poor's Credit Market Services Europe Limited ("S&P") putting them in a good position to launch its multi-currency CD programme in Asia, it stated. – TradeArabia News Service

Tags: | Mashreq | Hong Kong | programme | CD |

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