Mashreq Bank was founded in 1967 in Dubai (which is where it is headquartered) and is one of the oldest banks operating in the UAE having been operating for 55 years as of this writing. The bank was founded by the Al-Ghurair family which maintains a majority ownership of the company (87% currently). Mashreq Bank is among the 10 largest banks in the UAE when measured by total assets and serves both consumers and corporate customers. One of the unique aspects about the bank is their intentional strategy to reduce their branch network in an effort to become a truly digital bank. The number of full service branches for the company has declined from 45 in 2018 to less than 10 currently in the UAE as can be seen in the chart below.
However while the bank has reduced its branch network, it still maintains a significant number of ATMs across the UAE. The bank also has operations outside of the UAE including the following countries: the United Kingdom, Pakistan, Qatar, India, Bangladesh, Nepal, India, Kuwait and Bahrain. Click here to view a listing of the Mashreq Bank’s branches. The bank is also publicly traded. The below is a listing of the major subsidiaries of the bank:
- Oman Insurance Company (64% owned) – this is the largest insurance company in the UAE
- Mashreq Al Islami Finance (99.8% owned)
- Mashreq Capital (100% owned)
- Mashreq Securities (99.98% owned)
The chart below is a quick summary of the trends in the banks financial metrics in recent years.
Mashreq Bank SWIFT Code
- SWIFT Code: BOMLAEAD
- Bank Code: BOML is the bank code for Mashreq Bank
- Country Code: AE is the county code for the UAE
- Location Code: A is the location of the bank
- Code Status: D is the status of the bank and indicates an active status
- Branch Code: this is a head there is no branch code, so blank or XXX indicates unassigned which usually means this SWIFT Code is for a head office
Services offered by Mashreq Bank:
- Consumer Accounts (Current, Savings)
- Personal Loans
- Credit Cards (Solitaire, Platinum Elite and others)
- Money Transfers
- Emirati Banking
Approximately 50% of the banks revenue was derived from corporate and investment banking and treasury and capital markets activities in the first half of 2021. Retail banking represented 30% of the banks revenue over the same period.
Contact Information For Mashreq Bank
- Headquarters: Al Ghurair City, 339-C, AGC, Al Riqqa Street, Dubai