Mashreq Bank (UAE) offers Merchant Overdraft
Mashreqbank has launched an unsecured overdraft facility for merchants against their point of sale receivables. Speaking at the launch of the product, the first of its kind in the market, Atif Bajwa, head of retail banking group, Mashreqbank said: "At Mashreqbank, we have always believed in partnering our customers' growth and offering our customers the very best propositions - innovative whilst remaining simple and transparent from the customer's perspective. Mashreqbank Merchant Overdraft, we believe, will help us enhance our relationship with our existing merchant customers, and going forward, build strong relationships with new customers."
Mashreqbank Merchant Overdraft is the first ever standalone unsecured business overdraft offering in the market; it allows customers involved in retail trading to leverage their existing business flows and catapult to the next level. The application and approval process has been kept relatively simple for the convenience of the relevant customer segments. The proposition is offered in combination with a value-added & powerful business current account.
This offering is also synergistic for the Bank. Mashreqbank is already a material participant in the retail trade sector. The Bank is a key player in the merchant acquiring market with a significant customer base as well as PoS terminal installations across the emirates across diverse retail businesses.
Retailing is booming in the UAE with the sector estimated to be worth $100 billion - thereby being a significant contributor to the GDP, with growth rate next only to the real estate sector. The years ahead are expected to remain very promising for this sector in the UAE. Shopping space in Dubai is expected to treble to over 4 million square metres by the end of 2010, from under 1.5 million square metres in 2006.
Mashreqbank's merchant overdraft credit facility product boosts the working capital and cash flow for the retail traders, which will enable such customers to maximize the benefits from the available growth opportunities. This powerful product will enable the Mashreqbank to enhance the product holding within its retail merchant customers, many of which are SMEs, and cross-sell many more transaction banking and trade-facilitation products. Customer can also avail other products to grow their business viz. treasury services, commercial vehicle financing and personal credit facilities, subject to separate evaluation.
Hemant Lalithraj, head of SME Business, retail banking group, Mashreqbank commented: "SME Banking solutions from Mashreqbank are customised to meet the needs of diverse SME customer segments. We are proud to launch Mashreqbank Merchant Overdraft, which we believe is the most flexible financing option for SMEs involved in the dynamic retailing market in the UAE. This allows them to leverage their existing business and banking relationship to grow to the next level through our competitively priced financing package. This offering forms an integral part of the Bank's SME product proposition, besides other products namely value-added SME business account with transaction services, trade finance & working capital facilities and treasury services for SMEs."-TradeArabia News Service
Mashreqbank Merchant Overdraft is the first ever standalone unsecured business overdraft offering in the market; it allows customers involved in retail trading to leverage their existing business flows and catapult to the next level. The application and approval process has been kept relatively simple for the convenience of the relevant customer segments. The proposition is offered in combination with a value-added & powerful business current account.
This offering is also synergistic for the Bank. Mashreqbank is already a material participant in the retail trade sector. The Bank is a key player in the merchant acquiring market with a significant customer base as well as PoS terminal installations across the emirates across diverse retail businesses.
Retailing is booming in the UAE with the sector estimated to be worth $100 billion - thereby being a significant contributor to the GDP, with growth rate next only to the real estate sector. The years ahead are expected to remain very promising for this sector in the UAE. Shopping space in Dubai is expected to treble to over 4 million square metres by the end of 2010, from under 1.5 million square metres in 2006.
Mashreqbank's merchant overdraft credit facility product boosts the working capital and cash flow for the retail traders, which will enable such customers to maximize the benefits from the available growth opportunities. This powerful product will enable the Mashreqbank to enhance the product holding within its retail merchant customers, many of which are SMEs, and cross-sell many more transaction banking and trade-facilitation products. Customer can also avail other products to grow their business viz. treasury services, commercial vehicle financing and personal credit facilities, subject to separate evaluation.
Hemant Lalithraj, head of SME Business, retail banking group, Mashreqbank commented: "SME Banking solutions from Mashreqbank are customised to meet the needs of diverse SME customer segments. We are proud to launch Mashreqbank Merchant Overdraft, which we believe is the most flexible financing option for SMEs involved in the dynamic retailing market in the UAE. This allows them to leverage their existing business and banking relationship to grow to the next level through our competitively priced financing package. This offering forms an integral part of the Bank's SME product proposition, besides other products namely value-added SME business account with transaction services, trade finance & working capital facilities and treasury services for SMEs."-TradeArabia News Service
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