With consumers increasingly feeling the pinch of the economic slowdown, a UAE bank launched a unique debt counselling service for its customers facing difficulties in managing their financial condition.
Mashreq Bank, which has launched the country’s first of its kind service, has been set up to help individuals and SME customers restructure their outstanding cards, loans and facilities, easing the pressure of re-payment worries.
“Over the past few months an increasing number of customers have come to us for financial counselling and support. Their concerns have risen from a multitude of issues including; job loss, reduction in salary, personal issues, investments that have been affected by the financial situation or simple over leveraging,” Head of Retail Banking Group (Mashreq) Douglas K Beckett said.
The service, which has been named ‘Mashreq Assist’, will alert the customers at an early stage. It encourages customers to feel confident about openly discussing their financial concerns with the bank.
“We understand that managing finances in these difficult times can be quite a challenge with unexpected situations arising. Our ultimate goal is to support our customers and give them the counsel and advice they need,” Head of Retail Assets (Mashreq), Niranjan Mendonca said.