HE ABDUL AZIZ AL GHURAIR, MASHREQ BANK'S CHAIRMAN OF THE BOARD OF DIRECTORS/SUPPLIED
Dubai’s Mashreq has appointed HE Abdul Aziz Al Ghurair as the new Chairman of the Board of Directors as the bank’s founder and chairman Abdullah Ahmed Al Ghurair steps down after serving for 23 years although he will continue to be a board member.
In a statement, Mashreq said that Abdul Aziz Al Ghurair, the former Chief Executive of the family-controlled lender, also relinquished his position as CEO after almost three decades in the role and he will be replaced by Ahmed Abdelaal.
“We had planned this transition some time ago and Ahmed was brought onto the leadership team two years ago with that in mind and as the Chairman, I will continue to provide support and guidance to the leadership team,” said Abdul Aziz Al Ghurair, the new Chairman of Mashreq Bank.
Mashreq Bank recently announced that it will invest AED 500 million over the next five years towards digital innovation and transformation, expanding the bank’s overarching digitisation strategy.
In April 2019, the bank announced that it was shifting its focus to digitisation and plans to close half of its branches in the UAE, converting the majority to digital branches as the lender expands its online portfolio of products and services.
Ahmed Abdelaal, the CEO of Mashreq, said, “Mashreq’s focus on innovation its agility-led business model has enabled it to remain a market leader in the UAE and we will continue to leverage the latest technological solutions to deliver a seamless banking experience to our customers.”
The lender also posted an 8.7 per cent year-on-year decrease in its net income in Q3 2019 as operating expenses climbed. The bank’s operating expenses for the period increased to AED 677.4 million from AED 637.3 million the same period a year earlier.
Similarly, Mashreq’s Q3 2019 net profit remained flat at AED 1.76 billion, supported by an increase in net investment income, which climbed to AED 111 million at the end of September from AED 25 million from the same period in 2018.
The bank stated that impairment allowance also dropped by 15.9 per cent year-on-year during the nine-month period.
Mashreq stated that the lender continues to implement its digital transformation strategy and remain focused on improving the banking experience for all customers through an on-going investment in digitisation and technology.
“Overall, our strong performance must also acknowledge our people’s continuous efforts to introduce innovation within our services,” said Abdul Aziz Al Ghurair.