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Mashreq... strong performance in operating income

Mashreq eyes Citigroup's Egypt retail business

DUBAI, January 18, 2015

Mashreq, Dubai's third-biggest lender by assets, is interested in acquiring Citigroup's Egyptian retail business, Mashreq's chief executive said on Sunday.

The bank is holding talks with Citi on the matter, Abdul Aziz al-Ghurair told reporters.

Mashreq, which already has 10 branches in Egypt, was one of 10 bidders for the US bank's consumer banking business in Egypt, sources told Reuters last week.

The Dubai bank is aiming for six to 10 per cent net profit growth in 2015, Ghurair said, adding that the bank also targeting 5 to 8 per cent loan growth in 2015, Ghurair added.

He said Mashreq planned to issue a $500 million Tier 2 capital-boosting bond, subject to shareholder approval.

The bank said earlier on Sunday that its net profit for 2014 rose 33 per cent to Dh2.40 billion ($653 million).

Boosted by strong performance in operating income, the lender made a net profit of Dh644.3 million ($175.4 million) for the three months to Dec. 31 compared with Dh504.6 million ($137.3 million) in the corresponding period of 2013, marking a 28 per cent rise.

Mashreq said its board proposed a 40 per cent cash dividend for 2014. – Reuters

Tags: Mashreq | Citigroup | UAE banks | Net Profit | retail business |

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