Founded in 1967 by the Al Ghurair Group, Mashreqbank currently has branches in the U.A.E., Bahrain, Kuwait, Egypt, Hong Kong, India, Qatar, the U.K., and the U.S. In June 2022, Mashreqbank issued $300 million in additional tier 1 notes. In November 2022, it signed a strategic partnership with Bank Al Habib Limited Pakistan to offer free remittance transfers from the U.A.E. to Pakistan. The bank’s net profit jumped by 252% in 2022 to hit $1 billion. The Al Ghurair Group is the major shareholder in the bank through its subsidiaries, with over 70.7% ownership.