We had to do a summary for our English course about a topic that is related to our major and I chose a topic about the bankers, this is my summary:
Abdul Aziz Al Ghurair, CEO of Mashreq blames the US and the European banks for facing the downfalls. He said that these banks give lots of bonuses for the managers in a way that is out of control and made their banks go through the downfall. Also they run their banks quarter to quarter and try to make the outside customers happy by showing them that they are growing, while actually they make their bank suffer because more growth needs bigger bonuses which will make the bank declines. For instance, the European bank that had the biggest loss from the financial crisis was told to reduce their bonuses as it plays a huge role in decreasing the assets of the institution. UAE banks were clever enough not to lay their hand on their assets for the bonuses.
Mashreq could not run away from the effects of the financial crisis as their profit decreased by 14%, and they were one of the four banks that were downgraded for the standard and negative poor services. Al Ghurair said that the entire world is facing the financial crisis and Mashreq is dealing with it by building their own foundations and expand their business. For example, they had a partnership agreement with China’s national bank to enable Asian visitors to use their own cards for withdrawal and other things at Mashreq’s network in the UAE, so they were the first bank in the Middle East to do such thing.
Masheq was known for being initiative as they were the first bank to start an ATM and credit card in the UAE. He said “the worst time is behind us” which means that most banks are recovering from the financial crisis and Mashreq started to give loans for new customers after examining them. Mashreq used 68 million to rebrand their logo and name two years ago, and the surveys showed that customers liked the new rebranding as they found it open, welcoming and easy to get to. Adding to all that, they are training their staff in the bank and they changed their policies and products to satisfy the customer’s needs. He said “We will only do business we understand, business we don’t understand we walk away from”, this means that he will try his best and use his knowledge to make Mashreq grow.
My opinion about the article is that it was understandable and everything was explained clearly. I selected a long article and I thought that I will regret it, but actually I liked it as the longer the article is, the more explanations and examples it contains. I think that it is a good idea to do such thing in order to increase the knowledge as I really learnt many things about Mashreq bank and how does the external world doing financially.
Mashreq could not run away from the effects of the financial crisis as their profit decreased by 14%, and they were one of the four banks that were downgraded for the standard and negative poor services. Al Ghurair said that the entire world is facing the financial crisis and Mashreq is dealing with it by building their own foundations and expand their business. For example, they had a partnership agreement with China’s national bank to enable Asian visitors to use their own cards for withdrawal and other things at Mashreq’s network in the UAE, so they were the first bank in the Middle East to do such thing.
Masheq was known for being initiative as they were the first bank to start an ATM and credit card in the UAE. He said “the worst time is behind us” which means that most banks are recovering from the financial crisis and Mashreq started to give loans for new customers after examining them. Mashreq used 68 million to rebrand their logo and name two years ago, and the surveys showed that customers liked the new rebranding as they found it open, welcoming and easy to get to. Adding to all that, they are training their staff in the bank and they changed their policies and products to satisfy the customer’s needs. He said “We will only do business we understand, business we don’t understand we walk away from”, this means that he will try his best and use his knowledge to make Mashreq grow.
My opinion about the article is that it was understandable and everything was explained clearly. I selected a long article and I thought that I will regret it, but actually I liked it as the longer the article is, the more explanations and examples it contains. I think that it is a good idea to do such thing in order to increase the knowledge as I really learnt many things about Mashreq bank and how does the external world doing financially.
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