Mashreq to close 50% of its branches in UAE; will layoffs follow?

Dubai's Mashreq bank will close half of its branches in the UAE this year, its chief executive said on Wednesday.  
"We are closing 50 per cent - 25 branches - of our traditional branches and converting 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.
Commenting on the layoffs, he said: "Our business is growing so it is not that we are laying off people. We retrain them and give them a new opportunity. It is up to them if they want to do new job. Because all you have done is one job but you have to be prepared to do a new job. We would give new jobs to every individual, while some would take it, few would explore new opportunities," said Al Ghurair.
He said Mashreq will invest Dh500 million for the next 5 years in digital transformation.
"Our growth is linked to economic growth. If economy grows, we will grow," Al Ghurair said.
- waheedabbas@khaleejtimes.com