Mashreqbank eyeing acquisitions in India

Dubai, Mar 22: Mashreqbank, one of the United Arab Emirates' leading banks, is targeting acquisitions in India and other South Asian countries.

Building on strong business links that exist between the UAE and South Asia region, Mashreqbank is eyeing acquisitions as part of its second phase of expansion, the bank's Chief Executive AbdulAziz Al Ghurair.

''India and Pakistan are of interest to us. That is probably the second expansion that we are looking at,'' Mr Al Ghurair said.

In the first phase, it would open 10 more branches in the UAE this year and pursue acquisitions in several Arab countries, Al Ghurair said while opening the bank's 47th branch in the country at Dubai Internet City.

The buyouts could be in Egypt, Jordan, Syria, Libya, Lebanon and Sudan.

UNI