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Wednesday, 8 March 2017

Dubai’s Mashreq bank looks beyond oil-rich countries for growth | The National

Dubai’s Mashreq bank looks beyond oil-rich countries for growth | The National:

"Mashreq bank said that it is aiming to boost its international business in countries including China, India and Egypt to diversify the lender’s source of income away from the oil-dependent nations of the Arabian Gulf that have been hit hard in recent years by low hydrocarbon prices. "In the past year, growth in the international business was very helpful that we could rely on revenue outside of the UAE as a buffer," said Jan-Willem Sudmann, group head for international banking at Mashreq. "I would see us in the next four to five years, the goal we have set ourselves is 30 per cent [of operating income from international business[ from the current 24 per cent. I believe the way trade patterns will change over the next years are very much that we will see Asia coming to the centre of globalisation and in particular of growth in trade.""



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