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21/07/2014

Total assets stood at AED 34.5 billion growing 21.8% year-on-year and 14.7% on a year-to-date basis. Gross loans and advances stood at AED 23.9 billion, up 12.9% year-on-year and 6.9% on a year-to-date basis. Gross Islamic financing assets increased by AED 1.1 billion compared to 31 December 2013.

Customer deposits grew by AED 2.4 billion to AED 25.5 billion compared to 31 December 2013. The growth came mainly from a rise of AED 1.1 billion in conventional demand deposits, AED 687 million in call deposits and AED 467 million in savings deposits. This was offset by a decrease in conventional time deposits by AED 412 million. However, there was a healthy growth in Islamic deposits of AED 599 million over December 31, 2013.

At 700.4 million net profit for the half year ended 30 June 2014 dropped by 59.6 million over the same period last year due to more normal levels of provisions for bad debts after abnormally low numbers in the first half of 2013. However, total operating income increased by AED 156.9 million to AED 1.7 billion, an increase of 10.2% compared to the half year ended 30 June 2013. This growth was mainly due to an increase of AED 114.9 million in net interest income and income from Islamic financing, and AED 42.0 million in non-interest income, which climbed by 12.3% over the same period last year. Operating costs increased by 11.5% to AED 740.2 million compared to the same period last year mainly due to increases in employment costs.

For the quarter ended 30 June 2014 the profit was AED 365.8 million which was higher by AED 31.3 million over the quarter ended March 31, 2014, reflecting continued improved operating income over the last quarter.

Net interest income plus net profit from Islamic financing for the half year ended 30 June 2014 grew by 9.6% compared to the half year ended 30 June 2013 to AED 1.3 billion. This was a result of higher interest income on loans and investments, a reduction in the cost of deposits as the Bank focused on accumulating low cost transaction accounts, and an increase in net income from Islamic financing to AED 58.1 million in line with the growing Islamic finance portfolio which commenced operations in 2013.

The total impairment charge for the half year stood at AED 258.4 million compared to AED 118.2 million half year ended 30 June 2013. Non-performing loans were steady at 2.4% of the loan portfolio and the annualized net credit losses to average loans and advances closed at 2.2%.

“We are seeing solid growth in almost all of our lines of business and the focus for the rest of 2014 is to strongly grow the bank’s top line as the full impact of our loan pipeline continues to flow through,” said Peter England, RAKBANK Chief Executive Officer. “We are seeing exceptionally strong growth in our SME and Commercial lending, which is a major engine for growth at RAKBANK. With a strong economic outlook for the UAE, we are confident that we can continue to build on our success in the market as we look ahead to the second half of 2014. We are in a strong competitive position to increase our market share as we plan to launch innovative products and services over the next two quarters, while maintaining our focus on service quality,” added England.

During the first half of 2014, the Bank successfully issued USD 500 million bond under its USD 1 billion medium term note program, through its subsidiary RAKFunding Cayman Ltd, to take advantage of the current low-cost financing opportunities in the bond market, to proactively tackle the duration mismatch that arises from funding longer tenure loans using short-term deposits, and diversify the investor base. The note, which was issued at a discounted rate of 99.275%, matures in 2019 and carries a fixed interest rate of 3.25% per annum.

The Bank’s capital adequacy ratio as per Basel II requirement at the end of the quarter is 25.51% comprising entirely of Tier 1 capital. This is against a current minimum total capital ratio of 12% prescribed by the Central Bank in the UAE. At the end of the quarter, the regulatory liquid assets ratio was 21.4% and advances to stable resources ratio was 82%. Total shareholder’s equity totalled AED 6.4 billion including six months profit.

The Bank is currently rated by following leading rating agencies. The following ratings have remained unchanged during the half year.

16/06/2014

The National Bank of Ras Al-Khaimah P.S.C. (“RAKBANK”), rated Baa1 by Moody's and BBB+ by Fitch (both with stable outlook), successfully priced a 5-year USD 500 million bond issuance. The bond was issued at 99.275% and will pay an annual coupon of 3.250%, equivalent to 160 bps over 5-year USD Mid Swaps. The issuance marks RAKBANK’s return to the bond markets after a hiatus of almost ten years and is the first non-government issuance from the Emirate of Ras Al-Khaimah.

The success of the transaction came on the back of a focused marketing strategy aimed at reintroducing RAKBANK’s credit story to international investors and included a roadshow covering Abu Dhabi, Dubai, Singapore and London.

The strong investor demand received for the issuance, as evidenced by an orderbook of USD 1.6 billion, representing an oversubscription of over 3.2 times, allowed RAKBANK to price at 160bps over USd Mid-Swaps, which was 10bps inside the initial price guidance of 170bps over USD Mid-Swaps. The investor base captured was well diversified with banks comprising 47% of the orderbook, followed by fund managers (36%), private banks (12%) and insurance companies (5%).

RAKBANK Chief Executive Officer, Peter England, said: “We are very pleased with the success of the transaction, which highlights the confidence placed by investors in the Bank. It was important for us to take advantage of the current low-cost financing opportunities in the bond market to proactively tackle the duration mismatch that arises from funding longer tenure loans using short-term deposits, a practice common in the UAE. Furthermore, the issuance allows us to diversify our sources of funding and access a wider base of investors.”

Standard Chartered Bank and National Bank of Abu Dhabi acted as Joint Arrangers and Joint Lead Managers, with Commercial Bank International and Union National Bank as Co-Managers on this transaction.

14/06/2014

RAKBANK is proud to announce that it is the first organization to be featured on the longest outdoor advertisement hoarding in the UAE. The hoarding extends for half a mile (800 meters) on the Sheikh Zayed Road that connects Dubai to Abu Dhabi and occupies a total area of 9,600 square meters. 

“All motorists will catch a glimpse of the stretched hoarding which is almost the horizontal length of the iconic Burj Khalifa”, said Banali Malhotra, RAKBANK Head of Marketing. “By acquiring this premium advertising space on one of the most prominent roads in the UAE, the Bank aims to add visibility to the brand across emirates,” added Malhotra. 

RAKBANK partnered with Capital Group to acquire this advertising space. From his end, Chairman of Capital Group, Manoj Bhojwani, said: “RAKBANK has been instrumental in our business growth over the years. We are happy to feature RAKBANK on our latest media innovation in the UAE, which is in line with our objective to provide our valued clients with far-reaching ways to showcase their brand in full limelight.” 

Be it the RAKBANK unipole at the start of Al Garhoud Bridge, branding bus shelters, placing bridge banners, hoardings and mupis around town, or being the first to advertise on Abu Dhabi taxis, RAKBANK has always been a trendsetter when it came to outdoor advertising. It is a strong believer in the power of the medium to build brand recall. 

So if you are driving on Sheikh Zayed Road that connects Dubai to Abu Dhabi, you are sure to lay your eyes for almost 30 seconds on the longest outdoor advertisement in the UAE. Alternatively, you can click on the following link to view video of the hoarding: http://www.youtube.com/watch?v=dfumAxkAr3U. 

11/06/2014

RAKBANK is pleased to announce that it is offering a brand new Toyota Corolla car to one RAKvalue customer this coming August. Running until July 31st, the Bank promotion automatically enters Account holders, Card holders, and SME customers who have signed up for RAKvalue into the draw. 

This is the second time that the Bank runs the RAKvalue promotion. Sreeraj Raju was the lucky winner who drove off with a Toyota Corolla after winning in the first RAKvalue promotion that ran during the months of March and April. “The aim of the RAKvalue prize campaign,” explained Banali Malhotra, RAKBANK Head of Marketing, “is to reach more customers and highlight the added value attached to this service.” 

Ian Hodges, RAKBANK Head of Personal Banking, added: “According to customer feedback since its launch two years ago, RAKvalue is a cost-saving solution for many. It allows our Account, Card and SME customers to pay a flat monthly fee and receive a collection of banking, complimentary insurance, and lifestyle deals that they require on a regular basis.”

Starting from AED 50 a month, RAKvalue entitles Account holders to one free international remittance per month, free monthly chequebook, up to five free non-bank local ATM withdrawals per month, a free prepaid card, and much more depending on the selected tier. As for Credit Card holders, RAKValue’s choice of Executive or Premium packages offer customers one free international remittance per month, one free duplicate statement per month, and one free Credit Card cheque per year, plus one free cheque collection service from home for Premium holders. SME customers on the other hand can benefit from four free international remittances per month, a preferential buying/selling rate on USD, a free manager’s cheque or demand draft issuance per month, and more. 

Complimentary insurance benefits for Account, Credit Card holders, and SME Account holders include Life Insurance, Secure Wallet, Travel Insurance, and Motor Insurance discount. In addition, customers receive free local roadside assistance and concierge services. RAKvalue also provides complimentary non-banking benefits exclusive to RAKvalue customers which include dining, shopping and lifestyle vouchers through RAKBANKdeals.ae. 

For those who prefer Islamic Banking solutions, RAKBANK AMAL offers RAKvalue to individual and SME Account holders through AMAL Current, AMAL Savings and AMAL Jood Account plus a collection of Takaful and Lifestyle benefits for a nominal recurring fee. 

Please click here to learn more about RAKvalue 

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 1^st in the Arab World by Return on Assets and 5^th 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.

08/06/2014

RAKBANK is pleased to announce that it will be conducting a series of fixed income investor meetings in the Middle East, Asia and Europe commencing on 11 June 2014 under its USD 1 billion Euro Medium Term Note (EMTN) Programme. The National Bank of Abu Dhabi PJSC and Standard Chartered Bank will be arranging meetings on RAKBANK’s behalf. The bonds will be issued by a special purpose vehicle (SPV) RAKFUNDING Cayman Ltd. incorporated in the Cayman Islands and guaranteed by RAKBANK. The Programme will be listed on the Irish Stock Exchange. A benchmark Regulation S USD bond offering may follow subject to market conditions. FCA/ICMA stabilization applies.

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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.

01/06/2014

RAKBANK was recently ranked the number one most followed bank in the UAE on Twitter and the 18th in the world for the first quarter of 2014 by The Financial Brand in its Power 100 List of Most Followed Banks on Twitter*. 

“When we launched a Bank presence on Twitter in 2010, our goal was to keep our conversations real through two-way communication and to avoid producing another corporate monologue,” said Banali Malhotra, Head of Marketing at RAKBANK.

Today, over 30,000 people follow RAKBANK on Twitter and 120,000 on Facebook. The Bank also connects with social media users on LinkedIn, Instagram, Pinterest, Foursquare, and Youtube where published videos have received over 1 million views. 

With over 400,000 active users on Twitter in the UAE and 4 million on Facebook, social media has now become a hub for all online engagement, making it an important place for organizations to connect with their customers to be part of the conversation. 

With an average response time of one hour on week days on both Twitter and Facebook, the social media team at RAKBANK is always there for its followers to deliver a simply better customer experience. At RAKBANK, social media goes beyond traditional marketing communication by not only listening to customer feedback but also offering services that are aligned with the changing market trends. From safe banking tips, job opportunities, RAKBANK Deals, world currency facts, inspirational quotes, crossword puzzles and health tips, RAKBANK’s social media strategy focuses on communication that it deems relevant and useful. Apart from its official Twitter account, @RAKBANKlive on Twitter, the Bank also responds to customers’ complaints and queries via a dedicated handle, @RAKBANKhelp.

“At RAKBANK, the marketing goal is not to gain supporters solely through paid media, but through genuine interactions that help build a long lasting, valued relationship between the customer and the Bank,” affirmed Malhotra.

RAKBANK recognizes that Gamification on social media helps RAKBANK connect with customers effectively while driving meaningful engagement and better product recall. So the Bank recently launched a social media game, Click ‘n’ Connect, on Facebook to promote its Click and Collect service which helps users open a bank account online in just a few clicks. The game involved connecting four identical Click and Collect coins in a row before the opponent to win the game. The users had the option to play against computer or against a Facebook friend. The game was played more than 15,000 times by users. 

*Top 100 Banks on Twitter with Most Followers via The Financial Brand Report is available on http://thefinancialbrand.com/38472/power-100-2014-q1-twitter-banks/

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 1^st in the Arab World by Return on Assets and 5^th 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.

07/05/2014

RAKBANK received approval today from shareholders at its adjourned Extraordinary General Assembly Meeting (EGM) to raise its Foreign Ownership Limit (FOL) by 20 percent. Upon approval from the relevant authorities the new FOL would be 40 percent and aims to improve the liquidity available to foreign investors.

Active engagement with local and international investors has become a key focus for RAKBANK since Peter England took over as Chief Executive Officer in November 2013. “The decision to increase the limit of foreign ownership is important to us as we are currently running very close to our existing limit of 20%,” said England. “In our conjunction with regular communication with investors we are seeing extensive demand for RAKBANK stock by interested parties from across the globe. Despite a tight free float, a higher limit on foreign ownership makes additional room for international buyers and also complements the recent developments of the UAE’s stock markets to attract new foreign investments."

As of March 31 this year, the Bank's earnings per share stood at 0.2 dirhams and total shareholders' equity was approximately AED 6 billion dirhams. Its capital adequacy ratio was 27.6 percent, one of the highest among banks in the UAE.

The FOL increase becomes effective once regulatory formalities are completed.

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.

29/04/2014

RAKBANK Wins Best Internet Banking Initiative Award in the Middle East for 2014 & Best Core Banking Implementation Award in the Middle East for 2014

RAKBANK was recently announced the winner of two awards at The Asian Banker’s first annual Middle East and Africa 2014 awards ceremony when it was recognized for the Best Internet Banking Initiative in the Middle East for Click and Collect online account opening, and Best Core Banking Implementation in the Middle East for successfully merging, with its technology partners Oracle and Infosys, two different core systems.

RAKBANK’s Click and Collect, which was behind the Bank’s award for Best Internet Banking Initiative, gives existing and new customers the convenience of opening their RAKBANK accounts on www.rakbank.ae through a completely online interface. Just 48 working hours after filling out an online application, Click & Collect ensures that customers can visit a UAE branch of their choice anytime within a month to pick up their welcome that includes their debit card, PIN, cheque book, and Online and Mobile Banking details all at once. Currently, Click and Collect contributes 20% of the Bank’s new individual account acquisitions and is part of the Bank’s wider portfolio for innovative online solutions.

RAKBANK was also selected for the Best Core Banking Implementation award as the first bank in the region to successfully merge two different core systems together. When the Bank introduced RAKBANK AMAL’s Islamic Banking unit on Oracle Flexcube core banking system, it combined it with its conventional core banking system from Infosys’s Finacle to create a single customer profile across both systems. Over 33 surround systems were involved and were integrated with Flexcube and all existing Finacle channels were integrated to the Islamic Core Banking platform including Mobile Banking, ATM, Online Banking, IVR, and Card Management system. AMAL was able to go live in one weekend with no disturbance to the existing customer base.

“These awards are a testament to the Bank’s continuous effort to remain innovative and competent,” said Peter England, RAKBANK Chief Executive Officer. “The successful merger of our core banking system underlines our commitment to adopt efficient internal structures, while products like Click and Collect highlight the importance we place on convenience in the customer’s banking experience.”

The Asian Banker awards program is designed to identify emerging best practices as well as to identify implementation goals and challenges from which other banks and vendors can learn. It is also designed to populate The Asian Banker’s vendor selection program with benchmarks and realistic goals that other banks taking the same path can set themselves. This program uses the same criteria and stringent evaluation process as The Asian Banker Technology Implementation Awards presented during the annual summit and focuses solely on the achievements in the Middle East and Africa banking industry. Winners are selected by a panel of advisors, industry leaders, practitioners, and academics based on in-depth submissions that exhibit new concepts, new technologies, and creative thinking.

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.

23/04/2014

Total assets stood at AED 31.5 billion growing 11.3% year on year. Asset growth year to date has been 4.6% which is attributed to a rise in the investments portfolio of AED 862 million and gross loans and advances by AED 680 million.

Gross loans and advances stood at AED 23.0 billion, up 12.3% year on year. Gross Islamic financing assets increased by AED 465 million compared to 31 December 2013. Customer deposits grew by AED 447 million to AED 23.5 billion compared to 31 December 2013. The growth was mainly in Sharia compliant deposits which grew by AED 342 million.

At AED 334.6 million net profit dropped by AED 33 million over the same period last year, however improved by AED 41 million over the 2013 fourth quarter results, reflecting better operating income, lower impairment charges and lower cost over the last quarter of 2014.

Net interest income plus net profit from Islamic financing grew by 7.4% compared to 31st March 2013 to AED 639.2 million mainly due to a reduction in the cost of deposits as the Bank focused on accumulating low cost transaction accounts and Income from Islamic financing which increased by AED 22.2 million to AED 22.8 million in line with its growing Islamic finance portfolio that commenced operations in 2013.

Total operating income increased by AED 72.3 million to AED 824.7 million, an increase of 10% compared to 31st March 2013. This growth was mainly due to an increase of AED 44.3 million in net interest income and income from Islamic financing and AED 28.0 million in non-interest income, which went up by 17.8% from the same period last year.

Operating costs increased by 11% to AED 359.8 million compared to the same period last year mainly due to increases in employment costs. However, it dropped compared to fourth quarter 2013 operating cost of AED 364.7 million.

The total impairment charge for the quarter stood at AED 130.3 million compared to AED 61.4 million at the end of the same quarter last year, however reduced by AED 27.2 million from the fourth quarter 2013. Non-performing loans were steady at 2.4% of the loan portfolio and the annualized net credit losses to average loans and advances closed at 2.3%.

“Our first quarter performance is in line with the message we have been sending to markets,” explained Peter England, RAKBANK Chief Executive Officer. “The focus for 2014 is to strongly grow the Bank’s top line to help buffer a level of net credit losses which is more representative of the on-going position for a loan book like ours after 2 years of abnormally low credit losses. We expect to see solid increases in top line performance over the next 3 quarters as the full impact of our loan pipeline starts to come through. We are seeing good solid growth in almost all of our lines of business and have managed to slow down the level of attrition through re-financing on our National loan portfolio,” said England.

During the first quarter of 2014, RAKBANK launched AMAL Home Finance solutions, Ijarah, to join AMAL’s growing portfolio of Islamic banking products which includes Debit and Credit Cards, Savings and Current accounts, and Personal, Auto and Business Finance.

The Bank’s capital adequacy ratio as per Basel II requirement at the end of the quarter is 27.6% comprising entirely of Tier 1 capital. This is against a current minimum total capital ratio of 12% prescribed by the Central Bank in the UAE. At the end of the quarter, the regulatory liquid assets ratio was 18.9% and advances to stable resources ratio was 91%. Total shareholder’s equity totaled AED 6 billion including current quarter profit.

The Bank is currently rated by following leading rating agencies. The following ratings have remained unchanged during the quarter.

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. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

21/04/2014

RAKBANK, one of the fastest growing retail and small business banks in the UAE, is supporting Emiratization through its participation in the 2014 Dubai Career Fair. Its strong presence at the Fair seeks to open doors for national job seekers to a wide range of educational, training, and career opportunities.

“RAKBANK is planning to recruit over 120 Emiratis this year, as part of an aggressive Emiratisation campaign,” said Fahad Khalaf, RAKBANK’s Nationalization Manager. “We are actively recruiting national talent into our Branches, Operations, and Call Centre, as well as some specialist functions across the Bank.”

RAKBANK will offer onsite interviews to the candidates during the fair who will have the opportunity to meet representatives from different divisions to offer an insight into career opportunities.

“Emiratisation is a top priority in the UAE, and therefore for RAKBANK as well,” said Peter England, RAKBANK CEO. “Most of our national hiring takes place in our home emirate of Ras Al Khaimah (RAK) where our new staff members play numerous roles in growing the Bank’s operations. We provide selected talent with a range of training and development programs to enhance their banking knowledge and professional competencies,” explained England.

New recruits are inducted through a six-month Graduate Training Program, and following that continue to be involved in various courses that are tailored to enhance individual skills. By developing the Nationals’ knowledge and skills, the Bank prepares them for future positions where they can play influential roles in the UAE banking industry.

“As we renew our mission to be the financial partner of choice in the UAE, we focus on our staff as our brand ambassadors by offering them promising career opportunities and long-term growth,” added England.

RAKBANK also participated in the 2014 RAK and Sharjah career fairs which provide an excellent platform to build the Bank’s brand image among jobseekers. “We were one of the first banks to achieve the 40% Nationalisation standard set by the UAE Central Bank in 2002 and we work closely with many national development organizations including Tanmia and Emirates Nationals Development Programme (ENDP) to maintain, and even exceed, the standard year-on-year,” concluded Khalaf.

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 Arab 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. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

23/03/2014

RAKBANK has announced that its Annual General Assembly has approved the distribution of a 50% cash dividend for the year 2013, following the conclusion of its assembly. The assembly also approved the Bank's 2013 financial statements. For the 12 months ended December 31st, 2013, RAKBANK reported a net profit of Dh 1,430.8 million, an increase of 2 per cent compared to the year before. The Bank remains more than adequately capitalized at 29%.

H.E. Shaikh Omar Al Qasimi, Chairman of RAKBANK, said, “The Bank witnessed a dynamic year in 2013 with the launch of the Islamic Banking window ‘AMAL’ which is already contributing positively to the Bank’s bottom line. 2013 also marked a major management change for the Bank, with Mr. J G Honeybill retiring after leading the bank for 18 years. We welcomed Mr. Peter England as our new Chief Executive Officer on 1st November 2013 and he has the full support from the Board to commence the next chapter of the development of the Bank.”

From his side, Peter England, said "I am looking forward to building on the Bank’s outstanding success so far. We will continue to focus on Personal and Business Banking in 2014 as we scout the market for further opportunities in the broader SME banking space to ensure continued growth and success. We are confident that the positive factors in the UAE economy will support our ambitious growth plans in these areas.”

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 Arab 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. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

28/01/2014

RAKBANK announced AED 1,430.8 million in net profit for 2013. In its maiden year, the Bank’s Islamic Finance division - AMAL - broke even ahead of target, recording a small profit of AED 3.0 million for the year. Gross loans and advances grew by 8.5% to AED 22.4 billion at year-end, AED 1.2 billion of which came from Islamic financing assets.

Total operating income increased by AED 257.2 million to AED 3.2 billion, an increase of 8.9% over 2012. The growth in total operating income over last year is due to a rise in loans, Islamic financing and investments, as well as strong performances in non-funded income streams like Bancassurance commission, fees from wealth management products, investment income and income from foreign exchange transactions.

Net interest income and income from Islamic financing grew by 5.5% largely on the back of continued focus on garnering low cost current and savings accounts. The underlying business growth for 2013 in most of the Bank’s key product lines has been strong but a significant reduction in the bank’s National loan portfolio, which was aggressively targeted by competitors during the course of 2013, dampened growth in loan interest income.

Non-interest income increased by 20.2% (AED 133.5 million) to AED 793.4 million compared to last year due to a large contribution from investment income which increased by AED 78 million to reach AED 150 million.

However, overall growth in net profit for the year was subdued due to the Bank taking a further conservative stance on provisioning. The increase in total impairment charge to AED 340.6 million compared to last year’s AED 209.1 million was mainly due to an increase in impairment provisions related to one of the retail loan portfolios and a decision to maintain higher provisions for restructured loans.

Notwithstanding the above, nonperforming loans made up only 2.4% of the loans and Islamic Finance portfolio compared to 2.5% at the end of last year. Net credit losses to average loan advances remained low at 1.6% which is a testament to the bank’s high underwriting standards and asset quality.

“In 2013 RAKBANK continued to produce robust results, affirming the Banks strategy to focus on Personal and SME banking, continued focus on product innovation and customer service, and generally improving market conditions,” explained Peter England, RAKBANK Chief Executive Officer. “We have seen solid growth in the balance sheet for most of the Bank’s business lines. Fee income also grew very strongly for the year and costs were contained, further reducing our cost income ratio, all of which are very positive signs for the future. However, top line growth was affected by a significant reduction in our National loan portfolio, which was actively targeted for re-financing by other banks, and we also decided to take a further conservative stance with regard to loan provisioning throughout the year. Despite these headwinds, our loan pipeline and fee income momentum is looking very strong and RAKBANK remains firmly the number one bank in the UAE in terms of Return on Assets, Return on Equity, and Capital Adequacy,” added England.

During the year, RAKBANK opened its 34th branch, the first in the emirate of Fujairah, to complement its existing branch network in the country’s East Coast region. The Bank also launched the first dedicated Islamic Auto Finance Centre - Fast Lane - in Al Barsha, Dubai to offer AMAL Auto Finance solutions to car buyers in just 60 minutes. A firm believer in customer convenience, RAKBANK added new services on Online and Mobile Banking throughout the year. Even with investments in the Bank’s branch network and information technology, operating costs remained below the total operating income growth of 8.9%, indicating healthy profitability levels and cost income ratio even inched down to 43.8% compared to last year’s ratio of 44.3%

Customer deposits grew by 11% to AED 23.1 billion, of which AED 2 billion are Shari’ah-compliant deposits with AMAL.

Total assets grew by 10.6% to AED 30.1 billion. The major contributor to this increase was loans and advances and the investment portfolio which increased by 8% and 70% respectively. The Bank’s investment portfolio stood at AED 2.7 billion and is entirely denominated in USD or AED. The regulatory liquid asset ratio at the end of the year was 19.8% and advances to stable resources ratio stood comfortably at 88.1%.

The Bank’s Tier 1 ratio as per Basel II after considering the profit for 2013 and the proposed dividend was 29.01% at the year-end as against a requirement of 12% set by the U.A.E. Central Bank. We consider that this level of capital provides the Bank with ample room for growth during 2014.

Ratings

The bank is currently rated by the following leading rating agencies. The following ratings have remained unchanged during the year:

We are pleased to note that all of our ratings carry a stable outlook.

Dividend

The Directors, at the board meeting held on 29th January 2014 have recommended a cash dividend of 50% (subject to approval of Central Bank of UAE). The Directors consider that the Bank is well placed to meet the continuing challenges which will be faced during 2014. The dividend recommendations will result in 41.4% of net profit being retained within the Bank’s shareholders equity thereby increasing capital and reserves to strengthen the Bank’s overall position and provide support for future growth.

The Directors propose to increase the regulatory credit risk reserve by AED 26 million to align it at 1.5% of the Bank’s total credit risk weighted assets. These measures will increase the Bank’s shareholders’ equity to AED 5.7 billion after payment of the proposed cash dividend.

- ENDS -

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. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

19/01/2014

RAKBANK’s latest bank-made millionaire, Necer Ashraf, is off to a great start not only in the New Year but also with his relationship with the Bank. Ashraf became a RAKBANK credit card holder only two months ago and has since made two small payments with it when his name was chosen in the bank’s semi-annual millionaire draw.

“When I got the call about the win, I thought to myself, there must be a mistake. But seeing is believing!” exclaimed the winner, who was looking at a screen shot of the million dirhams that has been credited to his account. Despite it being an unexpected stroke of luck, the electronic engineer knew exactly what he intends to do with his new fortune.

“After paying off my existing loans, I would like to donate to orphanages in my hometown in Kerala, India, before depositing a big chunk of the prize in a savings account for my 5-month old baby girl,” said Ashraf.

All RAKBANK and AMAL MasterCard credit cardholders are entitled to enter the Bank’s millionaire draw that takes place every six months. RAKBANK offers the Titanium, NMC, Geant La Carte, and Standard MasterCard credit cards, while RAK Islamic Finance extends the AMAL Standard and AMAL Titanium MasterCard credit cards. All the Credit Cards come with excellent rewards of up to 5% Cashback on purchases, no annual fee ever, competitive interest rates, plus lifestyle and discount privileges from over 120 outlets.

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.

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. A prominent player in small to medium enterprise finance and a leading provider of credit cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

22/10/2013

RAKBANK, the leading retail and small business bank in the UAE, reported a net profit of AED 1.14 billion for the nine months ended 30th September 2013, reflecting a 9.6% increase over the same period last year. “RAKBANK’s rise in profit for the first nine months of 2013 from funded and non-funded income streams is a result of the Bank’s prudent underwriting policies and efficient growth strategy,” said Graham Honeybill, RAKBANK Chief Executive Officer.

Net interest income plus net income from Islamic finance grew to AED 1.75 billion during the nine months ended September 30, 2013, a 5.5% increase compared to 30th September 2012. “We are pleased to see the Bank’s Islamic Banking division, AMAL, starting to contribute to the Bank’s bottom line,” said Honeybill. Launched at the beginning of 2013, AMAL recently added Business Finance to its portfolio of products, which include Current and Saving Accounts, Deposits, Personal and Auto finance, Credit and Debit Cards, and Takaful programs.

Non-interest income increased by 20% compared to the same period last year to AED 587.8 million for the nine months of 2013, boosting total operating income to AED 2.33 billion. “The 8.8% growth in total operating income over the same period last year is due to a rise in loans, Islamic financing, and investments, plus strong performances in non-funded income streams including loan origination fees, Bancassurance commission and fees from wealth management products, and income from foreign exchange transactions,” explained Honeybill.

Due to the increasing investment in the Bank’s branch network and information technology, operating costs increased by 6.8% for the year. During the third quarter, RAKBANK launched its first branch in the emirate of Fujairah to complement its existing branch network in the country’s East Coast region, which includes Khorfakkan and a newly refurbished branch in Kalba. The Bank also launched Fast Lane, the first dedicated Islamic Auto Finance Centre in Al Barsha in Dubai to offer AMAL Auto Finance solutions to car buyers in just 60 minutes. Furthermore, RAKBANK added new services on Mobile Banking throughout the year as the Bank continues to add convenience to the customers’ banking experience by expanding web-based solutions and prioritizing customer service. Even with the investments in these developments, operating costs remained below the total operating income growth of 8.8%, indicating healthy profitability levels.

The total impairment charge stood at AED 183.1 million for the nine months ended September 30, 2013 compared to AED 157.4 million at the end of the same period last year. As always, the Bank is well provisioned against loan losses with a conservative loan loss coverage ratio of 60% by the end of third quarter of 2013. Nonperforming loans made up only 2.3% of the loan and Islamic Finance portfolio, which is a testament to the bank’s high underwriting standards and asset quality.

Total assets increased by AED 1.6 billion over 31st December 2012 and stood at AED 28.9 billion as at 30th September 2013, reflecting the increase in the Bank’s investment portfolio which is entirely denominated in AED or USD. The Bank’s advances to deposits ratio and liquidity ratio stood comfortably at 92.2% and 19.2% respectively.

The Bank’s capital adequacy ratio as per Basel II requirement at September 30, 2013 was 26.6% comprising entirely of Tier 1 capital. As a conservative measure the Bank does not take into account the September interim profits of AED 1.14 billion in arriving at the above capital ratio. The current minimum total capital ratio as prescribed by the Central Bank is 12%.

During the year Moody’s, Fitch and Capital Intelligence have affirmed their ratings of RAKBANK and they are as follows:

- ENDS -

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.

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. A prominent player in small to medium enterprise finance and a leading provider of credit cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

31/08/2013

RAKBANK, the National Bank of Ras Al Khaimah, today announced the appointment of Peter England as the Bank’s new CEO. England will succeed Graham Honeybill who is retiring after 17 years with the Bank.

England joins RAKBANK from CIMB Group where he was responsible for all retail banking activities in Malaysia, Singapore, and Cambodia. His 34 years of experience in the banking industry span other leading financial institutions in various countries including Malaysia and Australia. In his new position as CEO, England will build on the achievements of RAKBANK through continued product innovation and market-leading customer service. He will also oversee the Bank’s Islamic Banking division, AMAL.

- ENDS -

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.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the UAE's annual Service Quality Bank Benchmarking Study conducted by independent service specialists Ethos Consultancy, from 2005 to 2010, and continued to rank among the top three banks since.

13/07/2013

RAKBANK Announces New Millionaire

Irfan Mohammed has a million reasons to be thankful this Ramadan after he was announced RAKBANK’s latest millionaire. The 25 year-old Indian based in Ras Al Khaimah is the youngest Bank millionaire to date. The eldest of four siblings, Irfan has been working for the past five and a half years to cover the family’s financial needs. Just weeks earlier, Irfan was shopping around for a personal loan to buy his parents a plot of land in India.

“RAKBANK changed my life. I feel so blessed!” exclaimed Irfan. When asked what the new millionaire will do with his new fortune, Irfan said he will hand over the entire amount to his parents after using a small part to pay off his auto loan and accumulated Credit Card bills. “My parents worked very hard to give me a good education, so all I have today I owe to them,” said the modest son.

All RAKBANK and AMAL MasterCard Credit cardholders are entitled to enter the Bank’s millionaire draw that takes place every six months, with chances of winning increasing with higher use of the card for payment. RAKBANK offers the Titanium, NMC, Geant La Carte, and Standard MasterCard Credit Cards in addition to two Sharia compliant MasterCard Credit Cards including AMAL Standard and AMAL Titanium. RAKBANK Credit Cards come with excellent rewards of up to 5% Cashback on purchases, no annual fee ever, competitive interest rates, plus lifestyle and discount privileges from over 120 outlets.

- ENDS -

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.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the UAE's annual Service Quality Bank Benchmarking Study conducted by independent service specialists Ethos Consultancy, from 2005 to 2010, and continued to rank among the top three banks since.

18/06/2013

RAKBANK was announced the winner of the Gold Summit Creative Award (SCA) for its AMAL Launch Television campaign during the recent 2013 Summit International Award (SIA) held in the United States. RAKBANK’s campaign was chosen from 5000 submissions from around the globe, judged on strength of concept, quality of execution, and ability to persuade.

To promote the introduction of AMAL in early 2013, the Bank’s Islamic Banking division, RAKBANK launched an unprecedented campaign with its advertising agency, Promoseven 360, featuring animated eggs. Dressed in multicultural attire to reflect the UAE’s diverse expatriate and national community, the eggs symbolize the birth of new hope for residents, which is what AMAL aims to bring to the local Islamic Banking industry through the Bank’s innovative financial solutions, web-based solutions, and award-winning customer service.

“RAKBANK has cemented its distinct reputation in banking by choosing to steer clear of the solemn approach to marketing that has been traditionally adopted by most banks,” said Banali Malhotra, RAKBANK Head of Marketing. “Over the years, the Bank has successfully carved out a niche for itself in a crowded banking industry through a bold and lighthearted approach in its advertising and by demonstrating a true understanding of the customer.”

RAKBANK’s marketing strategy relies strongly on humor, striking visuals and unconventional messages to cut through the clutter. Using bold messages, the ads aim to be provocative, cheeky, entertaining and relevant to the current issues that matter to the customer. For these reasons, RAKBANK’s advertising is no stranger to recognition. In 2012, RAKBANK won the Best Marketing Campaign of the Year at the Middle East Prepaid Awards 2012 for the MasterCard Bling campaign, which succeeded in delivering results in both uptake and return on investment.

The SCA has been celebrating creative work by small and mid-size firms from more than 50 countries for the past 19 years. It offers participants the opportunity to showcase their talents alongside similarly positioned agencies, and to have their work judged by experts in the advertising field. This advertising award is widely recognized for its prestige worldwide and serves as the industry benchmark of excellence. In addition to the SCA, the SIA organization conducts two other competitions annually including the Summit Marketing Effectiveness Award (MEA) and the Summit Emerging Media Award (EMA).

- ENDS -

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.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

23/04/2013

RAKBANK, the leading retail and small business bank in the UAE, reported a net profit of AED 367.98 million for the quarter ended 31st March 2013, reflecting a 13% growth over the same period last year.

“RAKBANK continues to register strong profit year on year owing to its conservative underwriting and a competitive pricing policy for its innovative products and award-winning customer service,” said Graham Honeybill, RAKBANK Chief Executive Officer. “The first quarter of 2013 saw major developments at the Bank including the launch of its Islamic banking division, RAKBANK AMAL, which caters to a wider customer base that prefers Shariah-compliant products.”

Net interest income plus net profit from Islamic financing grew by 6% compared to 31st March 2012 to AED 570.6 million. Non-interest income, which stood at AED 181.8 million by the end of the first quarter of 2013, climbed by 18% compared to the same period last year. This increase is due to several streams of fee income stemming particularly from auto loans, mortgages, Bancassurance, and foreign exchange services. In addition, investment income grew by 50% compared to same period last year as the Bank continued to invest in quoted debt instruments.

Operating costs on the other hand, despite increasing by 5.2% for the year, were well below total income growth of 8.6%, indicating an improving profitability. “In line with its strategy to add customer convenience and cap operating expenses, RAKBANK added new services on Mobile Banking during the first quarter of 2013 as it continues to expand its web-based solutions,” added Honeybill.

The total impairment charge for the quarter stood at AED 61.4 million compared to AED 60.5 million at the end of the same quarter last year. As always, the Bank was well provisioned towards loan losses with a conservatively adequate loan loss coverage ratio of 65% by the end of the first quarter of 2013.

Total assets as of 31st March 2013 were AED 28.3 billion, an increase of AED 1.1 billion over 31st December 2012, which primarily reflects the quarter’s net profit and increase in deposits from banks. The Bank’s advances to deposits ratio and liquidity ratio stands comfortably at 93.6% and 19.3% respectively.

The Bank’s capital adequacy ratio as per Basel II requirement at the end of the quarter is 28.1% comprising entirely of Tier 1 capital. This is against a current minimum total capital ratio of 12% prescribed by the Central Bank in the UAE. Total shareholder’s equity totaled AED 5.5 billion at the end of March.

Finally, during the quarter Moody’s, Fitch and Capital Intelligence have affirmed their ratings of RAKBANK as follows:

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.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

20/04/2013

Bank’s expanding web-based solutions provide added customer convenience

In its strive for added customer convenience and banking simplicity, RAKBANK, the leading retail and small business bank in the UAE, recently launched Click & Collect. Through this first-of-its-kind service, existing and new customers can now open their RAKBANK Fast Saver, Current, and Savings accounts on www.rakbank.ae through a completely online interface. In just 48 working hours, Click & Collect ensures that customers can visit a UAE branch of their choice anytime within a month to pick up their welcome pack which includes their debit card, PIN, cheque book, and Online and Mobile Banking details all at once.

“With a solid foundation in service excellence, RAKBANK prioritizes convenience in the customer’s banking experience,” said Homi Gandhi, Head of RAKBANK Direct. “Recognizing the surge in online transactions in the UAE over the last few years, the Bank has established itself as a pioneer in web-based solutions to cater to customers’ banking needs while saving their valuable time.”

In fact, RAKBANK was the first bank in the region to provide customers with an online application process for customized insurance products, offered by various leading insurance providers, through RAKBANK Direct on www.rakbank.ae. In addition, the Bank initiated RAKBANK Deals, also on the Bank’s website, as an online destination for all Bank Credit, Debit and Prepaid Cardholders to take advantage of exclusive privileges, loyalty programs, and weekly deals. Once again, RAKBANK was the first bank in the region to have an active Twitter presence to address customer queries via the popular social media website.

Click & Collect offers customers the ability to save their application online and revisit it to complete it at their own time. To simplify the application process, customers need to present their verification documents only during their single visit to the branch when collecting their welcome kit. Customers are invited to visit www.rakbank.ae to learn more about Click & Collect or click on http://bit.ly/13Ftc3u.

- ENDS –

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.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.

02/04/2013

RAKBANK, the leading retail and small business bank in the UAE, continues to deliver competitive financial solutions to small-to-medium enterprises (SMEs) with the recent launch of its Titanium Business Credit Card. Just like the Titanium for individuals, the free-for-life credit card for SMEs combines convenience and savings to facilitate payments and extend exclusive benefits.

“The RAKBANK Titanium Business Credit Card is ideal for tracking business expenses and making online payments to the government, utility companies, and many others,” explained Pritam Mirchandani, RAKBANK Head of Business Finance. With the new credit card, business customers gain the flexibility of paying the minimum amount due on their card within 25 days from the statement date, and the balance at their convenience. They can also use up to 90% of the credit card limit for cash advances at low interest rates through various channels such as ATMs, RAKBANK branches, and exchange houses. “Titanium Business cardholders can even take advantage of the cash advance facility to meet unexpected business requirements,” pointed Mirchandani.

In addition to the convenience it provides, the Titanium Business Credit Card makes it easy to save through RAKBANK’s flagship Cashback feature. In fact, business card holders are eligible for up to 2% Cashback on all international retail, cash and internet spends made via the card, as well as 1% Cashback on all domestic retail purchases. Furthermore, RAKBANK’s Titanium Business Credit Card gives customers the chance to win a million dirhams every six months whenever the card is used to purchase AED 500 or above.

Customers can also apply for additional business credit cards for key employees who are authorized to carry out financial transactions to help manage day-to-day business expenses. Each card comes with a host of complimentary insurance covers like Purchase Protection and Travel Accident Insurance benefits.

RAKBANK has established its position as one of the leading providers of business finance for SMEs in the UAE. The Bank’s innovative financial products and award-winning customer service provide flexible solutions to SMEs at every stage of their growth. For more information, customers are invited to visit any of the Bank’s 33 branches.

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.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 33 branches, and its Telephone, Online, and Mobile banking channels. A prominent player in small to medium enterprise finance and a leading provider of Credit Cards, the Bank received the title of ‘Bank of the Year’ in 2012 by Arabian Business Achievement Awards.

RAKBANK earned a reputation for extending one of the highest levels of customer service in the local industry by topping the annual Service Quality Bank Benchmarking Study, conducted by independent service specialists Ethos Consultancy, from 2005 to 2010.