Mashreq Bank, the Dubai-based lender, has developed a $1 billion, multi-currency certificate of deposit (CD) programme in Hong Kong designed to attract institutional investors in Asia.
“Mashreq Bank has been raising its profile in the region for some time now,” said Jan-Willem Sudmann, head of international banking group at Mashreq.
“The introduction of this CD programme will entice more institutional investors across Asia Pacific to consider Mashreq as serious partner for their operations in the region.”
The CD programme, which has been assigned a p-2 short term rating by Moody’s, will enable Mashreq to raise funds in US dollar, euro and the renminbi in addition to other currencies.
The move comes at a time when the UAE is looking to forge closer ties with Asian economies and to lessen its reliance on its oil-dependent GCC neighbours.
©2018 funds global mena