MKB expands its correspondent network and becomes present in Middle East
Credit Bank of Moscow (MKB, Region-Rossium Group) opened an AED nostro correspondent account with Mashreq Bank (UAE). That's the bank's first account in the Middle East, one of the most dynamically developing regions of the world. A dirham nostro account will allow the bank to compete even better for cross-border business of corporate customers and enhance its value proposition under the customer-centric model declared in its strategy.
Mashreq Bank is one of the largest universal banks of the UAE, with USD 43 bln of assets as at 2020YE, and the region's biggest USD clearing bank.
"Last years, despite global developments, the trade turnover between Russia and the UAE has been growing consistently. Arranging settlements in national currencies remains a topical issue for individual companies and the Russian economy in whole. The bank seeks to offer its customers the most effective solutions for their international payment needs," commented Julia Titova, First Vice President.