-New Debit card the first of its kind in the UAE-

Dubai, United Arab Emirates, 12 July 2009: Mashreq, in collaboration with Visa International, has added another compelling offering to its range of top class products with the launch of Mashreq Business Platinum Debit card for Small and Medium Enterprises (SME), the first of its kind in the UAE.

Aimed at meeting the SMEs' need for convenience and access to funds, the new card will allow Mashreq's SME customers (both existing and new) to benefit from a higher transactional limit to meet business requirements. Cardholders will have access to the wide network of Mashreq and other ATMs across the globe. This card will thus provide convenience to both, international and local businessmen and traders.

This Platinum card will be offered as a special benefit along with the Business Platinum Account proposition that is being rolled out concurrently as one of a number of differentiated account packages by Mashreq's SME Banking business.

"The launch of this new Platinum card is in line with Mashreq's commitment to provide world class propositions that are convenient and provide commercial advantage to our valued customers, said Douglas Beckett, Head of Retail Banking, Mashreq. "SME Banking from Mashreq through its new innovative offerings continues to position Mashreq as a reliable partner, enabling emerging businesses to grow and succeed."

The new Business Platinum debit card will afford a range of benefits such as high intra day cash withdrawal limits and point of sale transactional limits, tie-ups with a range of vendors & business services providers, discounted Marhaba services, travel services and preferential tie up with hotels and a range of other lifestyle related products and services. This card will provide tangible financial rewards besides enhancing convenience for Mashreq SME customers. Furthermore, the card will also have the name of the business and business owner co-embossed on the card to clearly identify the privileged status of the business and business owner.

"We are pleased to provide our customers with a new tool to segregate their business from personal expenses," said Hemant Lalithraj, Head of SME Banking, Mashreq. "As an innovative bank, we constantly strive to provide banking solutions that are convenient and simple, yet rewarding. The new Platinum debit card has been designed to cater to our customers diverse transactional and business needs."

Over the years, Mashreq's Retail Banking Group (RBG) has enjoyed significant growth with the launch of several new products and services. Mashreq's SME Banking business, which was launched in January 2007, has since experienced strong all-round growth across assets, liabilities and fee-linked business lines, with a comprehensive product suite delivered through a dedicated SME presence across 25 of Mashreq's 60 branches. This package further reinforces Mashreq's reputation as the most convenient bank in the UAE and is another key initiative from the Bank's SME Banking business.

-Ends- 

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 travelers' cheques, credit cards and ATMs.

It is invariably among the highest performing banks in the region. In 2008 it recorded a Net Profit of over AED 1.6 billion. Total Assets stood at AED 93 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. It's most recent acknowledgement was the Best Bank in the UAE 2008, from Euromoney.

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.

© Press Release 2009