Mashreq and YES BANK Launches Global Indian Banking Services
25 November 2008
Dubai, United Arab Emirates, November 25, 2008: In a move to strengthen its service offering to Mashreq Gold customers in the UAE, Mashreq today announced a strategic alliance with YES Bank, India’s new age private sector bank to launch Global Indian Banking (GIB) Services across the UAE with its signature YES First Wealth Management Program. The partnership will allow Mashreq Gold customers in the UAE to open GIB (Global Indian Banking) Non Resident External (NRE), GIB Non Resident Ordinary Rupee (NRO) savings accounts, GIB NRE Fixed deposits, GIB NRO Fixed deposits, GIB FCNR deposits amongst others.
YES BANK will provide Mashreq Gold customers the finest banking experience through YES FIRST- the Premier Wealth Management programme from YES BANK in the UAE & India through its 107 branches across 88 locations. Once the respective GIB account is activated, customers will be able to directly interact with YES Bank thereby allowing easy access and management of funds located in India without being charged for remittances.
The YES FIRST programme aims at providing customized solutions for multiple investment opportunities in India through a range of innovative products and advisory services. These innovations allow customers to invest in mutual funds across 29 Asset Management Companies operating in India, pay utility bills to over 100 Indian billers, amongst others. Additionally, Mashreq Gold customers can now aggregate their multiple online saving, loan, investment, credit card accounts among others through their GIB account. This exclusive service provides customers complete control of their finances while enabling them to evaluate their net worth on a periodic basis.
Douglas Beckett, Head of Retail Banking, Mashreq said: “Through this alliance, we are offering a more convenient package to customers who wish to continue banking in their home country without the complications associated with banking from abroad. As a market leader we are committed to continual improvement in all aspects of our business and with this new partnership we will be able to further reinforce product offer, service and delivery to our customers.”
Commenting on the new strategic partnership, Mr. Arun Agrawal, President & Global Head – International Banking at YES BANK said: “YES BANK is delighted to offer Mashreq Gold customers a consistent superior service experience through a range of products and services. The Bank is committed to executing a concerted cross border strategy by continuously launching innovative solutions that enhances customer satisfaction and increases focus on providing convenience and choice to clients. This partnership enables us to further enhance our product suite and offer customized & holistic products to our clientele in the UAE”
Additional benefits offered to Mashreq Gold customers via the YES FIRST Programme include:
- YES FIRST International GOLD Debit Card: Enhanced spending and ATM withdrawal limits of up to INR 100,000 per day. Unlimited cash withdrawals at over 1 million MasterCard ATMs and 25 million Point of Sale terminals worldwide and to over 30,000 ATMs and 350,000 Point of Sale terminals in India free-of-cost for life.
- Airport Lounge Facilities: Exclusive access to premium ‘Clipper Lounges’ at all International airports.
- Business Lounge Facilities: Access to exclusive YES FIRST Business Lounges at flagship YES BANK branches in India.
- Personalized Wealth Management Services: Integrated, expert and proactive advice on a wide range of financial products, encompassing Mutual Funds, Life and General Insurance, Real Estate, Art and Structured Products through a dedicated Relationship Manager. Comprehensive services include risk profiling, asset allocation, investment monitoring and portfolio rebalancing amongst others.
- Net Banking: Online fund transfers through RTGS and NEFT, bill payments, online funding of brokerage accounts, E-shopping, Online Travel Reservations
- Convenience of complimentary doorstep banking while in India
- Value added services: Concierge Services, Medical Assistance, Home Assistance, Automobile Assistance and Travel Assistance in India.
Mashreq has enjoyed significant growth with the launch of innovative products and constantly looks for opportunities through which it can provide distinctive financial solutions to its customers. This partnership reinforces Mashreq’s premier position and underlines its reputation as the most convenient bank in the UAE.
To request more information on YES First Programme, please click here.
About Mashreq
Mashreq is the largest private bank in the UAE and also the second oldest. 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 travellers’ cheques, credit cards and ATMs.
It is invariably among the highest performing banks in the region. Last year it recorded a Net Profit of over US$470 million from a Total Operating Income of $844 million. At the end of last year its Total Assets stood at $15.2 billion
Mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin.
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 on Mashreq Gold services in the UAE, please contact 800 4 GOLD (4653) or call your Relationship Manager.
About YES Bank
YES BANK, India's new age private sector Bank, is the outcome of the professional commitment of top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the "Future Industries of India".
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. A key strength and differentiating feature of YES BANK is its knowledge driven approach to banking and an unprecedented customer experience for its retail and wealth management clients.
YES BANK is steadily building corporate and institutional banking, financial markets, investment banking, corporate finance, business (SME) and transactional banking, retail banking and wealth management business lines across the country. The Bank's constant endeavour is to provide a delightful banking experience expressed with simplicity, empathy and totality.
For further information on Global Indian Banking, please log on to www.globalindianbanking.com
