Mashreq Bank is the oldest privately owned bank in the UAE. Established in 1967 under the name Bank of Oman, it was the first bank in the UAE to install ATM cash machines, the first to issue debit and credit cards and the first to offer consumer loans. Today, Mashreq Bank offers Islamic banking services, including deposits, loans and credit cards. conventional and Islamic investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial public offerings; and traditional and Islamic asset management services, including wealth management. Mashreq Bank has 12 overseas offices in nine countries, including Europe, the United States, Asia and Africa. the date Mashreq Bank was established in 1967 in Dubai as Bank of Oman, before the formation of the UAE, by a decree issued by the ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum. In 1993, the bank changed its name to Mashreq Bank and is now one of the leading financial institutions in the UAE. It has a strong presence in the field of banking services for individuals and companies throughout the Arabian Gulf, and has branches in Egypt, Qatar, Kuwait and Bahrain. Mashreq Bank's branch network extends across the UAE, with 50 percent of banking households working with the company. It also has customer service centers in major retail locations and one of the largest ATM networks in the country. In addition, the Bank has overseas offices in 11 countries across Europe, North America, Asia and Africa. The first branch of Oman Bank - as it was then known - was opened in Deira in 1967, followed by the opening of a second branch across the Dubai Creek in Bur Dubai. The next few years saw the opening of additional branches in Al Ain and Abu Dhabi. In 1971, the UAE was formed and the Qatari riyal was replaced by the Emirati dirham as the official currency of the country. Bank of Oman became the first Emirati bank to open a branch in Doha, Qatar. Five years later, the bank established a branch network, reaching 10 local branches in 1976. The head office was opened in Deira a year later and all head office functions - previously housed in different branches - moved to the building. Soon after, Khorfakkan, Al Raqqa and Al Dhaid branches were opened, with the bank's assets exceeding two billion dirhams. Since 1978, the company has shifted its focus to more international projects. The business extended to markets in Egypt, Pakistan, London and Hong Kong. In addition, with the opening of branches in Kalba, Dibba, Fujairah and Umm Al Quwain, it became the first and only bank in the UAE, with a presence in all seven emirates. In 1981, a training center, which began as a library, was set up to help workers enhance their skills and knowledge. Subsequently, it expanded into an integrated training facility that caters to all learning and development needs of the Bank's employees. As management, she managed all internal and external training needs of the Bank. Shortly thereafter, it became the first local bank to offer credit cards with Visa link. In 1983, the Bank introduced the first ATM dispenser in the UAE. This has been achieved by linking all branches to a central database. The bank started issuing Traveler's Visa checks in the same year, and became the first bank in the region to get connected to Visa's global network. Profits exceeded 100 million dirhams, and the bank opened a branch in New York. As the new bank continued to grow, operations became centralized, and branches were re-worked. The branches are designed as showrooms with cashiers and customer service stations only. In 16 years, the bank's assets have grown from AED 1 billion to AED 10 billion. In 1993, the bank's name was changed from Bank of Oman to Mashreq Bank. The first chip-based smart card was introduced to the region by Mashreq Bank in 2004.
