Mashreq, one of the leading UAE National financial institutions announced the opening of its representative office in Nepal. Over the last few years, Mashreq has been offering a range of correspondent banking services to various banks in Nepal, which led to the opening of its offices.
The opening of the office was attended by Dr. Yubaraj Khatiwada, Governor, Nepal Rastra Bank )The Central Bank of Nepal( and John Iossifidis Executive Vice President and Head of International Banking Group, Mashreq along with other officials.
Iossifidis commented, “As Mashreq continues with its strategic expansion plans, we are proud to be the bank of choice for the majority of the Nepalese financial institutions which are using our services on a global basis. With the support of Nepal Rastra Bank, the trust and confidence of the Nepalese banks in our products and services has led to the opening of this office.”
Mashreq’s representative office in Nepal will communicate and constantly support the cross border requirements of banks in Nepal. Presently over 1000 banks from nearly 70 countries across the globe maintain their Nostro accounts with Mashreq.
The office will facilitate the transactions and business of banks in Nepal with Mashreq’s branches and offices across the region, in fact the globe. It will also act as Mashreq’s local contact offering abroad range of services and solutions to customers and financial institutions in Nepal.
Iossifidis added, “We are committed to offer our customers access to a wide range of innovative products and services. Mashreq is very active in the Financial Institutions business providing a broad range of focused solutions to its clients. Mashreq’s network of branches and representative offices, staffed with dedicated professionals, are fully geared to service the needs of our clients wherever they are located.”
With extensive network in UAE, Mashreq has 26 overseas offices in 11 countries spread across Europe, US, Asia and Africa providing a comprehensive range of international financial services, capable of handling all commercial banking and trade transactions efficiently. The bank has total assets USD 23.72 billion as of 30th Sep. 2010
Mashreq has both local and global USD, INR, EUR and AED clearing network. The bank has its own branch in New York with state of the art systems including online real time web based system to look after USD clearing. The bank is also direct members of CHIPS and FED in New York.
Mashreq’s London branch is well positioned to meet Correspondent Banking requirements in Euro and Sterling. The bank is STEP 1 Bank and a member of the European Banking Association (EBA) and are part of Target II arrangements since the first batch of banks in Europe joined near in 2007.
In India, Mashreq is live on RTGS and NEFT systems allowing electronic transfer of funds to thousands of branches across India within few hours.