Bank to increase number of branches to 15 in three years
Dubai, UAE (November 18, 2013): Al Masraf (Arab Bank for Investment & Foreign Trade), the premium bank for investments and foreign trade in the region, opened a full-service branch at Umm Suqeim, Jumeirah Road, Dubai. To mark the opening of the fourth branch in Dubai and the ninth in the UAE, Al Masraf hosted a launch ceremony at the new branch. With the bank's headquarters based in Abu Dhabi, it offers a complete line of consumer and investment banking services. Through its relationship based approach, Al Masraf offers tailor-made finance solutions especially to its corporate clientele.
Keeping in mind the business potential of Dubai and knowing it's demography, Al Masraf has a firm commitment to expand its presence in the region. The branch has a well appointed Corporate Banking unit serving the corporate clients and will soon open a dedicated Corporate Banking branch on Sheikh Zayed Road. The bank has a representative office in Tripoli, Libya and has further expansion plans, moving in to Algerian market.
“Al Masraf is proud to bring its 37-year tradition of operating a full service bank to the people and businesses of the UAE offering the entire suite of banking products on corporate banking, transactional banking, SME financing and business banking. We are extremely delighted to announce the opening of our new elegantly designed branch in Umm Suqeim, signaling our special commitment to customers in this Emirate” said Mr. Faisal Galadari, Chief Executive Officer of Al Masraf.
The bank has an asset base of approximately AED 12.5 billion. One of the major revenue drivers of the bank is its foreign trade business, which reached approximately AED 6.2 billion at the end of September 2013. The bank is currently poised for a significant growth achievement. Al Masraf's cost efficiency and the return on assets is one of the best in market, as more than 45% of its operating income is generated through the non fund based business.
About Al Masraf:
Al Masraf (Arab Bank For Investment & Foreign Trade) was established in 1976 by the Federal Decree no. 50, issued and signed by HH Zayed Bin Sultan Al-Nahyan, the president of the UAE. The Bank is owned by the Federal Government of the United Arab Emirates (42.28%), The Libyan Foreign Bank(42.28%), Libya and Banque Exterieure d'Algerie – Algeria (15.44%).
Al Masraf encompasses the vision, wisdom, and ambition of His Highness Sheikh Zayed Bin Sultan Al Nahayan, and rulers of other Emirates. The bank was formed with the purpose of instilling co-operation amongst the Arab countries and in turn promoting joint economic ventures.
Al Masraf is proud to be marching towards modernization aimed across all levels of the organization. The dynamic mission and ambition to thrive being the 'Preferred, Trusted, and Pioneering' Bank in the region. Al Masraf has developed considerably over the years and continues to enjoys sound correspondent relationships throughout the globe.