Mashreq Bank is not interested in purchasing assets from Standard Chartered Bank in the UAE, Mashreq’s CEO Abdul Aziz Al Ghurair said, according to Reuters. However, the bank is open to acquisitions in Egypt and Turkey.

According to Reuters’ sources, the UK-based bank had announced last month that it seeks to sell part of its activities in the UAE after it agreed to close several accounts following a settlement between Standard Chartered and US authorities in a money laundering case.

Mashreq is Dubai’s third largest bank in terms of assets, Al Ghurair revealed at a Dubai event, adding that he expects loans to grow by 11-15% in 2014.