Mashreq to spend Dh500m on digital push as it reduces branches, CEO says - The National

Mashreq to spend Dh500m on digital push as it reduces branches, CEO says - The National:

Mashreq Bank, the Dubai lender controlled by the Al Ghurair family, will spend at least Dh500 million over the next five years on digitisation, as it plans to shut half of its branches in the UAE this year.

The lender will replace the physical infrastructure with digital 'branches', Mashreq chief executive Abdul Aziz Al Ghurair, told The National in an interview on Wednesday.

“The full-fledge [remaining] branches will still be there and over time we will see if we can do with less of these," Mr Al Ghurair said. "About 97 per cent of our transactions [are] online, so there’s very little need for branches.”