One of Dubai’s oldest lenders prepares for a digital-only future
Published 14 Jul,2021 via Bloomberg Technology & Innovation - One of the oldest banks in the United Arab Emirates is preparing for a digital-only future as it fends off competition from non-traditional financial services startups.
Dubai-based Mashreqbank PSC now operates just 10 branches in the United Arab Emirates, down from 34 two years ago. That’s set to fall further, with Chief Executive Officer Ahmed Abdelaal predicting traditional branches will “cease to exist very soon.”
“There’s a complete shift in our strategy to focus on digital channels,” which now account for the majority of new business at the lender, Abdelaal said in an interview. “We still have some clients who rely on brick and mortar but our numbers show these are diminishing by the minute.”
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Nicolas Parasie