One of Dubai’s Oldest Lenders Prepares for a Digital-Only Future
- Mashreq’s physical branch network has shrunk to 10 from 34
- CEO predicts traditional branches will soon “cease to exist”
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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.”