{"id":13206,"date":"2019-03-13T10:07:14","date_gmt":"2019-03-13T10:07:14","guid":{"rendered":""},"modified":"2019-03-13T10:07:14","modified_gmt":"2019-03-13T10:07:14","slug":"major-mashreq-bank-is-closing-50-of-its-branches-in-the-uae-this-year","status":"publish","type":"post","link":"https:\/\/lovin.co\/dubai\/en\/news\/major-mashreq-bank-is-closing-50-of-its-branches-in-the-uae-this-year\/","title":{"rendered":"MAJOR: Mashreq Bank Is Closing 50% Of Its Branches In The UAE This Year"},"content":{"rendered":"
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Dubai-based banking institution Mashreq will close 50% of its branches in the UAE in 2019, its Chief Executive Abdul Aziz Al-Ghurair said on Wednesday.<\/p>\n

The bank is reducing its traditional branches, which include 25 physical banks in total, and converting them into digital branches.<\/p>\n

This move is a part of a dramatic digital transformation<\/h3>\n

“The branch closures are part of our digital transformation journey. In fact our business is growing and our new digital channels will continue to support our growth”, said A-Ghurair.<\/p>\n

The economy of the banking sector in the UAE is expected to grow by 3% this year, and Mahreq will be investing AED500 million for its digital transformation in the next five years.<\/p>\n

Speaking about whether this move will result in massive lay-offs, Al-Ghurair said<\/a>:<\/p>\n

“Our business is growing so it is not that we are laying off people. We retrain them and give them a new opportunity. It is up to them if they want to do new job. Because all you have done is one job but you have to be prepared to do a new job. We would give new jobs to every individual, while some would take it, few would explore new opportunities.”<\/p>\n

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