(MENAFN) Dubai's Mashreq announced it is planning to target acquisitions in Egypt and Turkey as it tries to expand beyond its home market, Gulf Daily News reported.
Mashreq, Dubai's third-largest bank by assets, also announced it has no interest in buying any of Standard Chartered assets in the UAE, stating that it goes against their bank's policy.
Instead, the company is looking to join an increasing number of Gulf banks making acquisitions in other countries in order to diversify its market.
Mashreq is currently the possibility of buying controlling stakes in banks in Egypt and Turkey, though the bank refused to name any names or set dates for possible deals.
The bank currently has 10 branches in Egypt and it seems that the country is the main target as it has a big population and lots of potential.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.