Dubai, United Arab Emirates, 19th September 2011: Mashreq, one of the UAE's leading financial institutions signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (Korea Eximbank). Under the agreement, Mashreq will facilitate various investments and comprehensive banking solutions for projects implemented by Korea Eximbank in the UAE and the Middle East region.
The MoU will offer a strategic platform for further cooperation with Korea Eximbank and will encourage Korean companies considering business expansion in the Gulf. This is also a reflection of Mashreq's strategy to collaborate with institutions and assist international companies expand their businesses in the UAE and vice-versa.
The MoU was signed by John Iossifidis, Head of International Banking Group of Mashreq and Mr. Ki Sub Nam, Executive Director of Korea Eximbank during a ceremony that was attended by the staff of both banks.
Korea Eximbank is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business. Since its establishment in 1976, the bank has actively supported Korea's export-led economy and facilitated economic cooperation with foreign countries. Korea Eximbank provides key support in the form of financing and guarantees to exporters & importers to promote Korea's export industries.
John Iossifidis, Head of International Banking Group, Mashreq said, - "In the last few years, Korean companies accomplished substantial business growth in the UAE. The agreement with Korea Eximbank will certainly support business flow between the two regions and have a positive impact on the overall economy of the region."
Total exports from South Korea to the UAE in 2010 stood at $5.12bn and imports from the UAE were $9.07bn. The UAE ranks number one on the list of South Korea's exporting countries and number two on the list of its importing countries from the Middle East.
In 2010, Korean firms won projects worth $25bn in the UAE, mainly in the oil and gas, petrochemicals and construction sectors.
Ki Sub Nam, Executive Director of Korea Eximbank said, "Partnering with a leading bank such as Mashreq is key to offering various financing and investment opportunities to Korean companies. The extensive experience and network reach of Mashreq in the Gulf region will play a major role to serve as co-arrangers or coordinators for financing of large-scale overseas projects."
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About Mashreq:
Mashreq is one of the largest banks in the UAE. 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.
Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euro money and various awards particularly for quality management. It's most recent acknowledgement was Best Consumer Internet Bank in Qatar 2009 & 2010, Best Consumer Internet Bank regionally by Global Finance Awards 2009 and Best Emerging Market Banks Middle East by Global Finance Awards 2010.
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.
For further information, please contact:
Samir Hammad
PR Manager, Mashreq
Tel: 04 -6083701 / Mob. 050-8832021
SamirH@mashreqbank.com
Huda Ismail
Asst. PR Manager, Mashreq
Tel: 04 - 6083629
HudaI@mashreqbank.com
© Press Release 2011
