Al-Sisi, Emir of Kuwait discuss bilateral ties, Gaza takes centre stage    Egypt facilitates ceasefire talks between Hamas, Israel    Egypt's Al-Sisi urges unity at African Development Summit    IFZA: 2k Egyptian firms join UAE market in 3 yrs    CBE receives offers worth $1.117bn for USD-denominated T-bill auction    Mexico's economy expands by 0.2% in Q1    UAE, Iran rare economic commission set to convene in Abu Dhabi    EU funds body backs capital market union plan    KOICA, Plan International mark conclusion of Humanitarian Partnership Programme in Egypt    Microsoft to invest $1.7b in Indonesia's cloud, AI infrastructure    Egyptian, Bosnian leaders vow closer ties during high-level meeting in Cairo    S. Africa regards BHP bid typical market activity    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca, Ministry of Health launch early detection and treatment campaign against liver cancer    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Negativity about vaccination on Twitter increases after COVID-19 vaccines become available    Environment Ministry, Haretna Foundation sign protocol for sustainable development    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Mashreq Eyes Turkey, Egypt for Acquisitions
Published in Amwal Al Ghad on 18 - 09 - 2014

Dubai's Mashreq is targeting Egypt and Turkey for acquisitions to expand beyond its crowded home market, its chief executive told Reuters as he dismissed suggestions that it could be interested in any of Standard Chartered's assets in the United Arab Emirates.
A number of local banks had been held up as potential buyers of UAE operations that sources said Standard Chartered was aiming to sell after it agreed to close some accounts there in an anti-money laundering settlement with authorities in the United States.
But Mashreq, Dubai's third-largest bank by assets, has no interest in any of the British lender's UAE operations, CEO Abdul Aziz Al-Ghurair said on the sidelines of a company event in Dubai.
"We prefer in the UAE to grow organically. None of our growth in the UAE has happened through acquisition," he said.
Instead, the company is looking to join an increasing number of Gulf lenders snapping up banking stakes in other countries to diversify in the face of intense competition at home, where 51 lenders battle for market share.
Mashreq is looking at buying controlling stakes in banks in Egypt and Turkey, Ghurair said, though he declined to name specific targets and said that any deal would not happen until next year.
Several Gulf banks have already done deals in these countries in the past two years, where growing populations are spurring appetite for consumer and corporate banking products.
Emirates NBD bought the Egyptian assets of BNP Paribas, while Qatar National Bank agreed to buy Societe Generale's Egyptian operations. In Turkey, Kuwait's Burgan Bank acquired the Turkish arm of Greece's EFG Eurobank, while Commercial Bank of Qatar has a majority stake in Alternatifbank. "Egypt has a big population, there is potential there," Ghurair said. "We see a lot of Gulf banks have gone there — they've done very well." Mashreq already has 10 branches in Egypt and 20 percent of its profit is derived abroad, he said.
Valuation and structure are the top priorities for Mashreq when considering an acquisition in either Egypt or Turkey, Farhad Irani, Mashreq's group head of retail banking, told Reuters at the same event.
The bank expects loan growth in 2014 to be at its highest level in seven years, at between 11 and 15 percent, Ghurair said. The bank's total lending rose 11 percent in the first half of the year, it reported in July.
Banks are benefiting from a resurgence in the UAE economy, which is recovering from the bursting of a property bubble at the end of the past decade. Economists forecast the economy to grow by 4.3 percent this year.
Source: Reuters


Clic here to read the story from its source.