RAKBANK Lifts Foreign Ownership Limit
RAKBANK is pleased to announce that it received ministerial approval to lift its foreign ownership level to 40% following the decision to do so at the Extraordinary General Meeting held on 8th May 2014.
- (1888PressRelease) June 20, 2014 - The new limit has been adjusted by Abu Dhabi Securities Exchange (ADX) last Thursday 5 June.
Commenting on the limit increase, Peter England, RAKBANK's CEO, said that the Bank had been running very close to the old 20% limit for some months now. Foreign interest has picked up very strongly, he explained, as a result of the UAE's inclusion in the MSCI Emerging markets index as well as the Bank's active engagement with foreign investors in recent months.
"We most probably would have seen foreign trades being rejected in the near future had the limit not been increased," said England. "Investors are very keen to hold RAKBANK stock due to its valuations considering that the Bank has one of the highest ROA, ROE, and Tier 1 Capital ratio of any bank in the region."
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country's oldest local financial institutions and today one of its fastest growing and most dynamic banks. According to The Banker's Top 100 Bank Rankings for 2013, RAKBANK is the 1st in the Arab World by Return on Assets and 5th in the Arab World by Return on Capital.
RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
For media queries, kindly contact Lamis Daoud on +9714 291 5064 or via lamis.daoud ( @ ) rakbank dot ae.
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