QATAR: Mashreq Qatar banks on across the board growth

Various divisions of the UAE-based Mashreq bank did well in Qatar in 2012 particularly in corporate and investment banking, the lender has said in a release.

Mashreq Qatar saw growth across all trade areas in 2012 with “export confirmation and import trade” business volumes increasing by 300% and 46% respectively.

The bank’s treasury sales team recorded a 50% year-on-year growth while the contracting division was successful in providing finance to contractors working on key government projects and those related to Qatar Foundation, Kahramaa and Q-Rail.

The bank also saw growth across all trade areas with “export confirmation and import trade” business volumes increasing by 300% and 46% respectively, the statement added.

Mashreq’s new Global Transaction Banking platform provides a variety of online solutions to meet customers’ cash and trade requirements. Additionally, Mashreq Qatar launched the financial institutions division, which provides “stronger” bank-to-bank presence and “deepens” the bank’s relationship with non-banking financial institutions in the market.

Mashreq’s customer service innovations in Qatar in 2012 included the opening of a new branch at Palm Towers, West Bay and the introduction of evening-banking at the TV Roundabout and Ramada branches.

Mashreq was also a trailblazer in terms of “innovation and convenience” in banking by launching Qatar’s first ever instant PIN generation through online banking and is the only bank in the region to introduce paper-less credit card and loan sales, completely through recorded lines, the lender said.

The bank also offers a market-leading mobile banking service that is accessible through smart phones. As a result of such innovations, Mashreq Qatar was selected as the “Best Consumer Internet Bank” by Global Finance Magazine New York for the 4th consecutive year and also adjudged the “Best Regional Consumer Bank” by Banker Middle East magazine.

Mashreq also continued to enhance its product suite with “constant innovation” in the Mashreq Gold, Business Banking and Personal banking segments, the bank said.

Mashreq Qatar launched the Majestic Loan II package offering customers a personal loan, credit card and an overdraft facility with overall savings worth more than QR10,000 and a free iPad 4, Samsung S3 Mini or Blackberry Curve, depending on loan amounts.

In business banking, Mashreq introduced a new and improved small business loan with collateral-free lending up to QR2mn with “minimum documentation and fastest turnaround time” in the market.

Mashreq is also leading in the region by offering customers living and working in Qatar a mortgage for the purpose of buying property in the UAE.

Mashreq Qatar has joined hands with top insurance companies in the region to introduce innovative insurance products, including “InstaProtect”, which offers customers comprehensive life and accident benefits that provides their loved ones with the security they need in case of unforeseen circumstances, the bank said.

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