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The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them reach fulfilment, achieve financial goals, and unlock their vision of success.
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Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers, all the way to powering some of the region’s most prominent corporations and wealth accounts. Mashreq is a more-than-half-a-century-old bank, yet proudly thinks like a challenger, startup, and innovator. The bank has a wide distribution network with 171 branches, 183 mini-banks, and 346 cash offices located across the country, serving 3.6 million clients, including small businesses, commercial and agricultural enterprises, farmers, other family businesses, and individuals. It plays a crucial role in implementing the government scheme of providing affordable funding to farmers and agribusinesses.
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This transaction came after the various regional roadshows Mashreq has previously arranged for Agrobank.Īgrobank, one of the largest banks in Uzbekistan by equity, is directly controlled by the government through the Ministry of Finance and the Uzbekistan Fund for Reconstruction and Development (UFRD). The facility allows Agrobank to diversify its funding base and access new pools of liquidity. The transaction is also noteworthy as it focused on markets outside of those traditionally tapped by Uzbekistan banks. The facility was initially launched at US$50 million and closed at US$88 million due to the positive market interest from investors in the Middle East, Europe, and the CIS region. The collaboration reinforces Mashreq’s commitment to fostering growth in emerging markets and supporting small businesses operating in vital sectors, such as agriculture.” Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said, “We are pleased to have facilitated this landmark deal with Agrobank and be part of the bank’s growth journey. Marking a debut transaction for an Uzbekistan state-owned bank in the MENA region, the facility was oversubscribed by 75%, and its proceeds will be used towards general corporate purposes. Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the deal. Dubai, UAE – Mashreq, a leading financial institution in the MENA region, announced the closing of a US$88 million one-year syndicated term loan facility for Joint-Stock Commercial Bank “Agrobank”.