Mashreq, a Dubai based financial institution plans to close 50 per cent of its branch network this year, said Abdul Aziz Al Ghurair, Chief Executive of Marshreq.
Speaking to reporters, Al Ghurair said, the bank is reducing the number of its traditional branch network while some of these branches will be transformed into digital branches.
“The branch closures are part of our digital transformation journey. In fact our business is growing and our new digital channels will continue to support our growth.
Al Ghurair said, the banking sector in the UAE is expected to register 6 to 6.5 per cent asset growth this year while the economy is expected to grow 3 per cent in 2019.
Branch closures and digitisation is unlikely to result in massive lay-offs, he said.
