Dubai’s Mashreq bank has announced that they will be closing approximately 50% of its branches in the UAE this year, its chief executive declared on Wednesday.
“We are shutting down 50 percent – which makes 25 branches – of our conventional branches and changing them into digital branches. At the digital branch, you will be able to do everything you used to do at a normal branch,” said Abdul Aziz Al Ghurair, chairman of the UAE Banking Federation and CEO of Mashreq Group.
Remarking on the layoffs, he said: “Our dealing is growing so it is not that we are letting people go. We plan to retrain them and give them a new prospect. It is up to them if they desire to do a new job. Since all you have done is one job however you have to be ready to do a new job. We will give new jobs to all individuals, while some will take it, few would discover new opportunities,” said Al Ghurair.
He also said Mashreq will spend Dh500 million for the subsequent 5 years in digital alteration.
“Our expansion is associated with economic growth. If the economy grows, we will grow,” Al Ghurair stated.