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Mashreqbank unveils new corporate image

"We are changing while we are at the height of our performance, to make sure we maintain our market leadership," he said. In a statement, he said the unveilling of the new logo followed a three-year programme to re-define the Mashreq brand that included in-depth research on market and customer needs, and the bank's delivery of financial reward.

On Monday, Al Ghurair said the bank had dedicated Dh250 million from 2005 to 2007 for changing its IT infrastructure, changing the branches and some of the processes, changing the website, training all 3,500 employees, changing all the collaterals internally and externally, and then redesigning the logo itself. He also said the bank borrowed in February Dh1.84 billion ($500 million) from international financial institutions in Europe and the Far East to fund corporate projects.

Al Ghurair said the market research findings led the development of specific segments such as Mashreq Gold, the banks mass-affluent tier proposition and a dedicated unit for SME banking and Badr Al Islami. The new brand was launched internally to Mashreq employees last September.

The graphic design of all the bank's forms and information materials will change as part of the new corporate image, as well as the internal and external appearance of branches and representative offices. "We've seen the results of a three-year, strategic initiative come together," Al Ghurair said. As we build on the success of the past, we are keeping our eyes firmly fixed on the future as we continue to cement our position as one of the leading financial institutions throughout the region."