Reported by: banking|Updated: July 20, 2021
Dubai’s Mashreqbank is planning for a digital-only future. The bank’s CEO Ahmed Abdelaal said traditional branches will cease to exist very soon. The bank now has only 10 branches in the UAE, against 34 some 2 years ago. Abdelaal said there is a complete shift in the bank’s strategy to focus on digital channels, which now account for the majority of new businesses. Mashreq was set up in 1967, just 4 years after UAE came into existence as an independent country. The bank is fast moving to digital banking to cater to a young population that prefers to bank online. For some countries like Egypt, digital platforms are often the only way to access banking services.