Mashreq and YES BANK Launches Global Indian Banking Services

Partnership provides YES FIRST Premium Wealth Management Services to Mashreq Gold Customers

Dubai, United Arab Emirates, November 24, 2008: In a move to strengthen its service offering to Mashreq Gold customers in the UAE, Mashreq today announced a strategic alliance with YES Bank, India's new age private sector bank to launch Global Indian Banking (GIB) Services across the UAE with its signature YES First Wealth Management Program. The partnership will allow Mashreq Gold customers in the UAE to open Indian Rupee savings account and fixed deposits.

YES BANK will provide Mashreq Gold customers the finest banking experience through YES FIRST- the Premier Wealth Management programme in the UAE & India through its 109 branches across 88 locations. The YES FIRST programme aims at providing customized solutions for multiple investment opportunities in India through a range of innovative products and advisory services.

Douglas Beckett, Head of Retail Banking, Mashreq said: "Through this alliance, we are offering a more convenient package to customers who wish to continue banking in their home country without the complications associated with banking from abroad. As a market leader we are committed to continual improvement in all aspects of our business and with this new partnership we will be able to further reinforce product offer, service and delivery to our customers."

Commenting on the new strategic partnership, Mr. Arun Agrawal, President & Global Head - International Banking at YES BANK said: "YES BANK is delighted to offer Mashreq Gold customers a consistent superior service experience through a range of products and services. The Bank is committed to executing a concerted cross border strategy by continuously launching innovative solutions that enhances customer satisfaction and increases focus on providing convenience and choice to clients. This partnership enables us to further enhance our product suite and offer customized & holistic products to our clientele in the UAE"

Mashreq Gold, the premier banking service from Mashreq, provides an enriched banking experience suited to customer convenience and offers personalized investment solutions keeping in mind customers objectives and goals, risk appetite, investment horizon and experience. Additional benefits offered to Mashreq Gold customers via the YES FIRST Programme include Personalized Wealth Management Services, YES FIRST International GOLD Debit Card, Net Banking, Money Monitor service and Airport Lounge Facilities, plus a host of other value added services including Concierge Services, Medical, Home, Automobile and Travel Assistance in India.

Mashreq has enjoyed significant growth with the launch of innovative products and constantly looks for opportunities through which it can provide distinctive financial solutions to its customers. This partnership reinforces Mashreq's premier position and underlines its reputation as the most convenient bank in the UAE.

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About Mashreq
Mashreq is the largest private bank in the UAE and also the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts it was the first to launch such products as travellers' cheques, credit cards and ATMs.

It is invariably among the highest performing banks in the region. Last year it recorded a Net Profit of over US$470 million from a Total Operating Income of $844 million. At the end of last year its Total Assets stood at $15.2 billion

Mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin.

As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.

About YES BANK
YES BANK, India's new age private sector Bank, is the outcome of the professional commitment of top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the "Future Industries of India".

YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. A key strength and differentiating feature of YES BANK is its knowledge driven approach to banking and an unprecedented customer experience for its retail and wealth management clients.

YES BANK is steadily building corporate and institutional banking, financial markets, investment banking, corporate finance, business (SME) and transactional banking, retail banking and wealth management business lines across the country. The Bank's constant endeavour is to provide a delightful banking experience expressed with simplicity, empathy and totality.

Additional benefits offered to Mashreq Gold customers via the YES FIRST Programme include:

Personalized Wealth Management Services: Integrated, expert and proactive advice on a wide range of financial products, encompassing Mutual Funds, Life and General Insurance, Real Estate, Art and Structured Products through a dedicated Relationship Manager.
YES FIRST International GOLD Debit Card: Enhanced spending and ATM withdrawal limits of up to INR 100,000 per day. Unlimited cash withdrawals at over 1 million MasterCard ATMs and 25 million Point of Sale terminals worldwide.

Net Banking: Online fund transfers, bill payments, online funding of brokerage accounts, E-shopping, Online Travel Reservations.

Airport Lounge Facilities: Exclusive access to premium 'Clipper Lounges' at all International airports in India.

Value added services: Concierge Services, Medical Assistance, Home Assistance, Automobile Assistance and Travel Assistance in India.