As part of Mashreq’s ongoing efforts geared towards supporting Small and Medium Enterprises (SME), the bank signed a Memorandum of Understanding (MoU) with the Mohammed Bin Rashid Establishment (MBRE) for Young Business Leaders. The partnership will widen the scope for both institutions to facilitate SME growth and development.
Positioned as key promoters of SME initiatives, the collaboration between Mashreq and MBRE is designed to utilize the resources and infrastructure available to help meet the business development goals of SMEs. This includes training, technical and financial advice, support services, SME banking, as well as symposiums and conferences for customers and MBRE members.
Commenting on the agreement, Abdul Baset Al Janahi, CEO of MBRE said: “Partnering with Mashreq is a strategic move that will further support small and medium businesses. The support of the financial factor is essential for SMEs and we are keen to get the best banking solutions to support it. This agreement is an added value that strengthens our association with Mashreq and will contribute to developing the performance of SMEs, which are a key contributor to the national economy.
Douglas Beckett, Head of Mashreq’s Retail Banking Group, stated, “As an innovative and customer centric bank, we constantly strive to provide banking solutions that are convenient and simple, yet rewarding. Our partnership with MBRE is a step in the right direction that will provide our SME customers with the right tools to meet their goals.”
“SMEs form a significant portion of our client base, and through renewed offerings we continue to show that our focus remains on enabling emerging businesses to grow and succeed,” stated Hemant Lalithraj, Head of SME Banking, Mashreq. “Working together with another institution that shares our goals and values, means we can ensure that we are working to our full potential in order to support the SME community.”
Customers will benefit from the combined advantage of having both MBRE resources and Mashreq SME banking end-to-end solutions. SMEs will be given the chance to leverage current opportunities made available as a result of the collaboration, in addition to access to the right guidance.
The collaboration will lay the groundwork for future strategic relationships designed to increase the amount of SME business. Over the years, Mashreq’s Retail Banking Group has enjoyed significant growth with the launch of several new products and services. This partnership provides more options to SMEs, further reinforcing Mashreq’s reputation as the most convenient bank in the UAE.
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