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Dubai / Emirates Business
Mashreq Bank, the UAE’s leading financial institution, has established a $1 billion multi-currency Certificate of Deposit Programme (CD programme) in Hong Kong.
The CD programme, which aims to provide access to new liquidity pools in Asia-Pacific, is offered in multiple currencies.
The launch of the programme highlights Mashreq’s growth in Asian markets given the positive momentum seen in UAE-China bilateral relations as a result of China’s Belt and Road initiatives. The CD programme has been assigned a short term rating of P-2 by Moody’s Investor Relations, and will help Mashreq raise funds in USD, EUR, and Asian currencies, including RMB when needed.
“Mashreq Bank has been raising its profile in the region for some time now. We first established a presence in Hong Kong in 1978 and have been steadily growing in recent years. The introduction of this CD programme will entice more institutional investors across Asia Pacific to consider Mashreq as a serious partner for their operations in the region.†said, Jan- Willem Sudmann, Head of International Banking Group, Mashreq.
Mashreq has a rating of A from Fitch Ratings Limited (“Fitch”), a rating of Baa1 from Moody’s Investors Service Ltd (“Moody’s”) and a rating of BBB+ from Standard & Poor’s Credit Market Services Europe Limited (“S&P”) putting them in a good position to launch its multi-currency CD programme in Asia.