What's the buzz! Keep up with the latest news from RAKBANK.

RAKBANK, the leading bank in the UAE in customer service, is taking part in Dubai’s 2011 National Career Fair, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, from 21st to 23rd of March 2011.

As one of the first banks in the country to achieve the 40% Nationalisation standard set by the UAE Central Bank in 2002, RAKBANK’s participation in the Career Fair is in line with the Bank’s ongoing commitment to attract and retain local talent. Through an active recruitment system, RAKBANK grew its overall National head count by more than 12% in 2010 alone.

“RAKBANK is committed to providing a positive and open work environment, where employees can grow professionally and be part of the Bank’s success,” said Graham Honeybill, RAKBANK General Manager. “At RAKBANK, we work to provide exceptional career opportunities to young Nationals, investing in the development of their knowledge and skills and preparing them for future positions where they can play influential roles in the UAE banking industry.”

RAKBANK places great emphasis on learning and skill development, and runs its own dedicated training centre, RAK Academy. This centre manages the continuous assessment of each employee’s performance and develops an individual training program to match their needs. New recruits are inducted with ease into the organisation through a six-month Graduate Training Program, and following that, continue to be involved in various courses that are tailored to enhance individual skills.

RAKBANK offers a wide range of personal banking services through its 30 branches and Telephone and Online Banking channels, including its new RAKBANK Direct platform (www.rakbankdirect.ae). It is today considered one of the major players in the UAE’s retail banking and small business sectors. Customer service excellence is a cornerstone of the Bank’s success, with RAKBANK being voted in 2010 for the fifth consecutive year as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study conducted by service specialists Ethos Consultancy.

RAKBANK has also participated in the National Career Exhibition in Sharjah held on February 23, 24, and 25 and the National Career Exhibition in Ras Al Khaimah held between March 8 to 10.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 30 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

H.H. Sheikh Saud bin Saqr Al Qassimi, Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated today RAKBANK’s new Operations Centre in the Bank’s home emirate of Ras Al Khaimah. Also present at the ceremony were H.H. Sheikh Mohammed bin Saud Saqr Al Qassimi, Crown Prince of Ras Al Khaimah and H.E. Sheikh Omar bin Saqr Al Qassimi, Chairman of RAKBANK, in addition to the Bank’s Board of Directors and top management, and a host of dignitaries from the emirate.

The spacious, nine-level centre is situated on Al Dhait on Emirates Road and is home to all the Bank’s back office operations in the northern emirates.

Speaking after the ribbon cutting function, H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, said, "We are very pleased to open RAKBANK’s new, state-of-the-art Operations Centre. The new facility will enable RAKBANK to continue offering world-class banking products and services and reaffirm its commitment to the highest standard of service delivery which has helped establish RAKBANK as one of the leading banks in the country."

H.H. Sheikh Saud also lauded the Bank’s aggressive implementation of its modernization strategy by taking full advantage of new technologies to better serve its customers and increase operational effectiveness.

As the number one bank in the UAE in customer service, according to industry specialists Ethos Consultancy, RAKBANK places great importance on active staff training dedicated to professional growth and organizational effectiveness, as well as employee retention and UAE national career development. The modern centre in Ras Al Khaimah houses multiple training areas for the Bank’s ongoing staff training and is well designed to accommodate a wide range of workshops and courses that meet various internal training needs.

“RAKBANK is pleased to announce the opening of the Bank’s new Operation Centre in Ras Al Khaimah as part of our commitment to a solid presence in our home emirate,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK places great importance on the people who deliver service to customers and as a firm believer that ‘satisfied staff lead to satisfied customers’, we believe that an efficient yet friendly work environment is a key factor in staff satisfaction.”

In line with the Bank’s corporate social responsibility and it commitment to reduce energy consumption, RAKBANK’s new centre enjoys environmentally sound features in terms of building design and construction. RAKBANK implements several waste management initiatives to reduce the consumption of paper, water and energy at the Bank. This includes the widening of its Online Banking channels and services and the Bank’s recently launched RAKBANK Direct platform (www.rakbankdirect.ae), to save on paper consumption without compromising the Bank’s service quality.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 30 branches and telephone and online banking website www.rakbankdirect.ae. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

RAKBANK is pleased to announce the launch of its fifth branch in Abu Dhabi. The Bank’s new presence at the Al Jazirah Football Club Stadium aims to complement RAKBANK’s existing branch network and to increases the Bank’s visibility in the capital.

The new branch offers RAKBANK’s complete range of services for SMEs and individuals, from accounts, deposits and investment options to credit cards and personal, auto and mortgage loans. Its strategic location in Al Muroor neighbourhood, home to governmental hubs and residential buildings, will widen the banking options available to the nearby community and provide ample parking spaces in and around the stadium to accommodate visiting customers.

“Expanding the branch network in Abu Dhabi is in line with RAKBANK’s commitment to raise its profile in the capital over the coming years,” said Graham Honeybill, General Manager of RAKBANK. “RAKBANK has established itself as a highly active retails and small business Bank in Dubai and the Northern Emirates across various products and plans to gain a similarly strong presence in Abu Dhabi.”

The new branch in Al Jazirah Football Club is accompanied by a large RAKBANK Wealth Management center next door to cater to the Bank’s growing clientele in Abu Dhabi. The Bank’s Wealth Management center offer customers an exclusive banking experience with certified Relationship Managers to address their banking and investment needs, backed by award-winning customer service.

“Even as RAKBANK explores the new trend for online banking services with the recent launch of RAKBANK Direct, the Bank continues to scout for opportunities to expand its branch and ATM network across the UAE as part of its customer-centric approach,” added Honeybill.

RAKBANK Direct (www.rakbankdirect.ae) is the first platform of its kind in the UAE to give customers the added facility of applying for customized insurance products plus a suite of vanilla products online. The recent launch of RAKBANK Direct aims to complement the Bank’s growing branch network and to offer the Bank’s valued customers a widely convenient range of banking channels.

RAKBANK plans to open two more branches in the capital by end of this year, bringing the total number to 6 branches in Abu Dhabi by the end of 2011. The Bank currently has 30 branches and 100 ATMs spread across the UAE, complemented by 24-hour Phone Banking service. In addition, the Online Banking platform on www.rakbank.ae gives customers access and control over their accounts in a simple and secure environment, 24 hours a day.

RAKBANK launches two new Prepaid MasterCard Cards

In light of the technological advancements of the last few decades and the plunge into electronic and online services, banks have made no exception in their stride towards modern and improved banking solutions. At a time when cash no longer is king, plastic money has become a necessity especially in the UAE, where card swiping has become the preferred method of paying.

RAKBANK Prepaid Cards are the latest financial solution from RAKBANK to offer a smart and modern alternative to cash. They are particularly useful for residents without a Bank account and consequently, a debit or credit card, including students, stay-home mothers and new UAE residents. RAKBANK’s two new MasterCard Prepaid Cards, RAKBANK Loaded and RAKBANK Bling, are reloadable Cards that can easily be topped up with money and used at any merchant outlet that accepts MasterCard Cards globally, including online merchants.

Available to both banking and non-banking customers, RAKBANK Prepaid Cards are superior to cash because they are safer, more convenient and work anywhere, even online, without the hassle of currency conversions. While sharing the benefits of Credit and Debit Cards, RAKBANK Prepaid Cards go the extra mile to encourage financial discipline by customers allowing them to spend only up to the amount loaded on the Prepaid Cards. The Cards, in turn, are not linked to any current or savings account and therefore are available to everyone. Not only are they an efficient way of storing cash, but they also allow for unlimited cash withdrawals, online payments, and point of sale purchases whether locally or during travel. RAKBANK Prepaid Cards come with a host of lifestyle and entertainment privileges, as well, from over 50 outlets in the UAE.

“The launch of RAKBANK Prepaid Cards is a major leap forward in the local banking industry and RAKBANK is delighted to be at the forefront of this new offering,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK Loaded and Bling Prepaid Cards aim to satisfy a growing need in the market for alternative banking solutions for those who, for one reason or another, do not currently have a bank account, but would still like to take advantage of the privileges that accompany plastic money.”

The advantages of RAKBANK Prepaid Cards are numerous and are especially beneficial for people who do not earn a monthly salary, such as students and stay-home mothers, where they can help budget children’s spending and household expenditures. Additionally, prepaid cards offer UAE visitors and new residents a more efficient solution to using credit and/or debit cards issued in their native countries by giving them the opportunity to benefit from zero currency exchange fees.

From March 1st to May 31st, holders of RAKBANK Prepaid MasterCard Cards are given the chance of being one of 50 lucky winners per month to enjoy an AED 500 prize. Upon loading their card, customers immediately enter into the draw and also receive an AED 50 voucher from www.smartshop.ae, an online shopping site.

Eyad Al-Kourdi, vice president and country manager, UAE, MasterCard Worldwide commented: “In recent years, prepaid has gained significant traction as a new payments category with great potential in the Middle East, including the UAE. Prepaid cards offer cardholders more convenience, flexibility and secure access to funds. It also provides a valuable and cost effective financial inclusion tool for underbanked consumers and enables them to supervise their spending, budgeting and bill payments, thereby simplifying their money management process. As a global leader in prepaid, MasterCard continues to work closely with customer financial institutions to develop innovative prepaid products and solutions for consumers’ evolving needs”.

RAKBANK Prepaid Card can be loaded and reloaded with cash easily either through depositing cash in a RAKBANK Electronic Deposit Machines (EDMs) or by making a payment at any of the Bank’s Exchange House partners, including: UAE Exchange, Al Fardan Exchange, Redha Al-Ansari Exchange, Wall Street Exchange, Al Ansari Exchange, Sharaf Exchange and Al Razouki Exchange.

Additionally, if a Prepaid Cardholder has an existing RAKBANK Account or Credit Card, then the customer can use RAKBANK’s Online Banking or Phone Banking services, or any RAKBANK Automatic Teller Machine (ATM).

Applicants for RAKBANK Prepaid MasterCard Cards do not need to have a RAKBANK account and can easily apply for a Prepaid Card by completing the online application form on the RAKBANK website, www.rakbank.ae , or by visiting any of the Bank’s branches in the UAE.

RAKBANK Prepaid MasterCard Cards are launched with the support of ElectraCard Services (ECS), a leading provider of software solutions for electronic payment systems.

Applying for Bank products now available through an easy, online-only process

As a constant innovator in the market, RAKBANK has announced the launch of RAKBANK Direct, a new and contemporary method to banking in the UAE. RAKBANK Direct (www.rakbankdirect.ae) is a new website through which Bank customers can apply for products, including insurance policies, in a simple, online-only process.

“RAKBANK is constantly looking for banking solutions that provide our customers with the utmost convenience and service quality,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK Direct is the Bank’s latest offering for its busy customers who prefer to review, select, and apply for banking products from the comfort of sitting behind their computers,” added Honeybill.

RAKBANK Direct is the first platform of its kind in the UAE to give Bank customers the option of applying for customized insurance products online, including Motor Insurance, RAKcare, Family Shield Plus, and Travel insurance, all of which are provided by Oman Insurance Company. With a few clicks, customers can get a personalized quotation, upload requested documents, make a payment via their credit card or RAKBANK account, and log off from the site with a brand new insurance product!

In addition, all visitors to www.rakbankdirect.ae can apply for other products including a suite of RAKBANK credit cards, deposit accounts, and Wealth Management solutions.

“Following the Bank’s success with its social media presence on Twitter (@rakbanklive and @rakbankhelp), RAKBANK has identified a trend in the marketplace towards timely and effective banking services and solutions,” said Ian Hodges, RAKBANK Head of Personal Banking. “As the number one Bank in the UAE in customer service, RAKBANK brings its customers yet another online solution via www.rakbankdirect.ae to complement the Bank’s branch network and to cater to a growing segment of customers that prefer taking care of banking and insurance requirements online and with minimal paperwork,” added Hodges.

The host of benefits available on www.rakbankdirect.ae include interactive and comprehensive tools and videos to inform customers of features and benefits when selecting a product that works for them. Additionally, customers can enjoy the added advantage of scheduling a call back with a customer service representative at their convenience, or simply addressing their queries on the spot through a Live Chat window. If at any point in the process the customer wishes to visit a RAKBANK physical location, be it a branch or an ATM, RAKBANK Direct provides a branch and ATM Locator on its website directly linked to Google Maps.

RAKBANK Direct complements the Bank’s Online Banking solutions, launched to its customers in 2008, and the Bank’s corporate website, www.rakbank.ae.

RAKBANK has announced AED 1,002.75 million profit in 2010, an increase of 38.1% in net profit compared with AED 726.2 million for the previous year. RAKBANK has successfully surpassed the billion dirham profit mark in 2010 as it continued to focus on good opportunities in its chosen lending segments of personal, auto, and small and medium enterprise (SME) loans, in addition to credit cards and mortgages.

“RAKBANK’s record results at a time of sluggish market conditions are a testament to the Bank’s consistent business strategy and robust performance,” said Graham Honeybill, RAKBANK General Manager. “RAKBANK’s profitability is a result of the Bank’s prudent policies and underwriting processes, and more importantly, the Bank’s successful foundation in service excellence, which has helped to grow business by retaining and expanding our valued customer base.”

During 2010, RAKBANK was recognised from among 21 national and foreign banks as the ‘Best Overall Bank’ in customer service in the UAE for the fifth consecutive year in an independent study of the UAE retail banking industry conducted by service specialists Ethos Consultancy.

“As RAKBANK continued to lend in 2010, we also took advantage of the significant business opportunities identified in the first six months of the year to increase lending volumes,” added Honeybill. As a result of these opportunities, net interest income increased by 30.9% over 2009 to AED1.61 billion. Total advances as at 31st December 2010 increased by 22.1% over the previous year to reach AED16.4 billion, while total assets jumped by 25% to close at AED 21.4 billion.

The growth in the asset book has been supported by a combination of increases in shareholders equity and customer deposits, with Total Deposits growing by 32.7% to close at AED 17 billion compared with AED 12.9 billion in 2009. In addition to this growth in assets, other income consisting of fees, commissions, foreign exchange, investment and other operating income grew by 22% to AED 605 million.

To sustain its rapid growth, RAKBANK increased its branch and ATM network over the past year to complement its growing presence on Online Banking. The Bank currently has 29 branches across the UAE with plans to open eleven more by the end of 2012.

The Bank took adequate provisions in 2010 on its portfolio. Even though net credit losses increased by 7.1% to AED 269.8 million in 2010 from AED 251.9 million in 2009, it covered a larger asset base. RAKBANK’s trend in credit losses improved noticeably towards the end of the year, as impairment charges for the last quarter of 2010 dwindled to AED 59.5 million from AED 81.3 million registered for the first quarter.

Liquidity ratio for the year 2010 stood at 18.2% at year end compared to 16.8% at the end of 2009. During 2010, AED 1.07 billion of the Bank’s EMTN programme matured and was repaid by the Bank from internal resources.

The Bank’s capital adequacy ratio as per Basel I at end of the year was 15.4% composed entirely of Tier 1 capital against a current minimum of 12% of Tier 1 capital set by the Central Bank of the UAE.

RAKBANK will continue to focus on the delivery of quality products for its retail and small business customers, allied with a high level of customer service quality. “RAKBANK remains vigilant and well positioned to take advantage of potential business opportunities as they present themselves in 2011,” concluded Honeybill.

Rating

The Bank is currently rated by the following leading rating agencies. The ratings are as follows:

Dividend

The Directors have recommended a stock dividend of 20% and a cash dividend of 20%. The dividend recommended will result in almost 80% 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.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 29 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also follow the Bank on Twitter @RAKBANKlive and @RAKBANKhelp.

11/11/2015

RAKBANK recently won the ‘Best Segment Solution’ award for RAKBANK World MasterCard^® Credit Card at the MasterCard Innovation Forum 2015, held in Kuala Lumpur. RAKBANK was recognized for its continuous efforts in offering innovative products that understand consumer needs and in delivering highly effective payment solutions. 

Holders of the World MasterCard^® Credit Card enjoy up to 10% on domestic and international spends, 0% easy payment plans for 3, 6, 9 or 12 months at a wide range of participating merchants, and 0% interest on balance transfers for 3 months. The Card also extends up to 55 days interest free credit in addition to exclusive discounts on health insurance. 

The award ceremony was attended by two members of the RAKBANK Cards’ team, Rijesh Rajendran, Head of Card Products, and Pradeep Kamath, Business Intelligence Manager, who accepted the award on behalf of the Bank.

sssss

Bank makes wish come true for new Millionaire

A loyal RAKBANK customer for the past three years, Rami Eldarwaly recently had his prayers answered when he was announced the Bank’s latest millionaire winner. With a million dirhams credited to his account at the start of the New Year, the customer’s financial burden that ensued from the economic downturn has now become a thing of the past.

Rami’s recent win from RAKBANK will go a long way in allowing the father of four to reunite with his family, who had to move back to their native country when his investments in the UAE turned sour. “This million dirham prize couldn’t have come at a better time,” said Rami. “I would like to thank RAKBANK not only for coming to my rescue with this wonderful surprise, but also for the valuable and professional relationship it has maintained with me for the past few years,” he added.

RAKBANK MasterCard Credit Cards entitle their holders to entry in a millionaire draw that takes place every six months, with chances of winning increasing with higher use of the card for payment. RAKBANK offers four MasterCard Credit Cards including its Titanium, NMC, Geant La Carte, and Standard Card. RAKBANK Credit Cards come with excellent rewards of up to 5% cashback on purchases, no annual fee ever, competitive interest rates, and lifestyle privilege offers from over 70 outlets through the Rakfeast dining and discount program.

RAKBANK recently announced the launch of its new branch in Dragon Mart Shopping Center in Dubai. In addition to providing conventional personal banking services, the new RAKBANK branch is home to the first dedicated SME unit in the area, catering to the scores of businesses located in and around the center looking for financial solutions.

The new RAKBANK branch in Dragon Mart also hosts a dedicated team of Chinese relationship managers to facilitate communication with the large Chinese customer base in the area.

“RAKBANK is constantly looking to expand its branch network to offer convenience and service to customers where they need them,” said Graham Honeybill, RAKBANK General Manager. “The new Bank presence in Dragon Mart aims to widen the limited banking options currently available in the area and to strengthen the relationship the Bank has built with the Chinese community over the years,” he added.

RAKBANK offers a range of loan and deposit services for SMEs, including finance through collateral-free loans, without the need for placement of deposits or assets as financial guarantees.

“SMEs are always looking for credit in order to sustain and grow business especially in the UAE market where SMEs make up the majority of businesses in the country,” said Pritam Mirchandani, RAKBANK Head of Business Finance. “The new specialized SME center within the Dragon Mart branch will help to address those needs and offer practical and convenient solutions to the numerous surrounding businesses”.

Additionally, the new RAKBANK branch will offer a wide range of conventional personal banking services to better serve the large residential population of the neighboring International City community. These Bank services include RAKBANK account, deposit and investment options as well as personal, auto and mortgage loans, and a suite of credit cards.

With the addition of the Dragon Mart branch to its network of branches, RAKBANK serves its customers through 29 branches and 100 ATMs spread across the UAE, complemented by 24-hour service available through Phone Banking and Online Banking.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 29 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also follow the Bank on Twitter @RAKBANKlive and @RAKBANKhelp.

Bank offers free Premium entry to Ferrari World when staying at Yas Island Rotana Abu Dhabi

With RAKBANK’s latest promotion, Bank cardholders can now buckle up for a night’s stay at the Yas Island Rotana Abu Dhabi and enjoy two premium complimentary tickets to the new Ferrari World attraction, all for a small price tag.

Running until 31st December, 2010, the latest Bank promotion is open to all RAKBANK Cardholders who use any of the Bank’s Credit or Debit Cards when paying for the offer.

For just AED 750, RAKBANK Cardholders will receive a host of priviliges in Abu Dhabi including a one night stay plus breakfast for two at the luxurious Yas Island Rotana hotel, conveniently located close to the island’s many attractions. In addition, Cardholders will receive two complimentary premium tickets to Ferrari World, a multisensory adventure with more than 20 exhilirating rides, with each Premium ticket originally priced at AED 375. Cardholders will also receive a 20% discount on Food & Beverages and massage treatment while enjoying their stay at the Rotana Hotel, plus early check-in and late check-out flexibility.

“RAKBANK is constantly exploring new tie-ups and seasonal promotions to maximize our Card’s value-added benefits and make the most of the customer experience,” said Graham Honeybill, RAKBANK General Manager. “With the capital’s ongoing attractions, the Bank’s latest promotion in Abu Dhabi will provide our customers greater convenience and value for their leisure activity.”

RAKBANK gives its customers a choice of six Credit Cards: Titanium MasterCard, RAKBANK MasterCard, Visa Classic Card, Visa Gold Card, NMC Master Co-branded Card and RAKBANK Géant La Carte and two MasterCard Debit Cards. The Cards are free for life with no annual fees and come with a Cashback feature of up to 5% on international transactions and up to 3% on domestic purchases. The Cards also entitle their holders to multiple dining and hospitality discounts, ongoing promotions, and a chance to win a million Dirhams every 6 months on select Cards.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 28 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also follow the Bank on Twitter @RAKBANKlive and @RAKBANKhelp.

Bank’s latest adverts are first to explore ‘Stop Motion’ technique in UAE

RAKBANK has come up with yet another original advertising campaign, this time bringing a new technique to the UAE advertising scene. Working with one of the most experienced animators and production houses in Manchester in the UK, the Bank has created a series of three commercials utilizing a technique known as ‘Stop Motion’ that makes a stationary object appear to move on its own.

The 360 degree campaign, shown across various media vehicles including print, radio, bus-shelters and online, focuses on promoting RAKBANK’s competitive products and the attractive benefits that accompany them, as well as its award-winning customers service. The characters used in the different campaigns – a caterpillar that flies high, a bee that gets buzzing and a rabbit that is on the go – are all made from clay and are given a larger-than-life presence through a process called ‘Claymation.’

“RAKBANK is constantly working towards breaking barriers and creating innovative advertising campaigns that avoid the mundane and break away from the cluttered media,” said Banali Malhotra, RAKBANK Head of Marketing. “By using Stop Motion and Claymation, the Bank has created a successful campaign that is original, light-hearted, and straightforward, mirroring the Bank’s general marketing approach.”

As part of its online initiative, RAKBANK has launched a new microsite to host the campaign and its TVCs. Embedded within www.rakbank.ae, the microsite brings to life the animated ‘stars’ of the television commercials not only by showcasing the TVCs, but by featuring the characters in a series of fun online games to entertain users while promoting the Bank’s products.

“The microsite is a great addition to the RAKBANK website as it provides a platform for customer engagement and entertainment,” said Graham Honeybill, RAKBANK General Manager. “The Bank is keen on expanding its online customer engagement and riding the wave of new media, especially following the Bank’s success in online banking and its presence on Twitter.”

With an active presence on Twitter and YouTube, RAKBANK continues to boost its activities on social media, this time by allowing users to share the entertaining games and TVC’s from the microsite across their personal Facebook and Twitter pages. The microsite also offers mobile ring tones from the campaign for download, as well as easy-to-use application forms for its respective products.

RAKBANK collaborated with Promoseven 360 and Chapman Entertainment for the creation of the campaign.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 28 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also follow the Bank on Twitter @RAKBANKlive and @RAKBANKhelp.

22/09/2015

RAKBANK announced that it has been named ‘Best Overall Bank’ in customer service in the UAE for the fifth consecutive year in an independent study of the UAE retail banking industry.

The 6th Annual Service Quality Bank Benchmarking Study, conducted by service specialists Ethos Consultancy, has recognised RAKBANK from among 21 national and foreign banks for its superior standard in customer service. RAKBANK led the way among the banks in its customer service performance particularly in its branches, corporate website, and complaint management system, and has even topped the list as the most highly recommended bank in the country.

The annual study is carried out by trained and experienced researchers who focus on real scenarios a prospective customer would face when using banks’ traditional and alternative delivery channels, including visiting a branch and using the Call Centre or website. This year, complaint management and customer loyalty were added to the survey categories to better gauge customer satisfaction.

“RAKBANK is delighted to be recognized as the number one bank in the UAE in service excellence for the fifth year running,” said Graham Honeybill, RAKBANK General Manager. “This award is a testament to the Bank’s dedicated staff and their continuous effort to meet the Bank’s high standard for service quality, which is bolstered every year to ensure ongoing service enhancement.”

Staying true to its mission for high quality service, RAKBANK continuously exceeds its high service standards in answering phone calls, talking to a customer over a cash counter, responding to a complaint, and facilitating transaction processes. These standards are measured by staff internally, by mystery shoppers or even by third parties. RAKBANK’s monitoring system is constantly reviewed to check its efficiency in identifying, at any given time, its customer satisfaction levels are highlighting areas that need immediate action.

Additionally, the Bank spared no effort in 2010 in intensifying communication efforts and maintaining high visibility in the market. “This year witnessed a recovery in the UAE market and RAKBANK saw this as a chance to regain customer confidence in the banking industry and prove its commitment to customer satisfaction,” added Honeybill. Consequently, major improvements have been made to the Bank’s corporate website to facilitate customer feedback and Online Banking services.

In addition, 2010 also saw the venture of the Bank into social media to provide wider and more convenient communication channels for customers. RAKBANK is the first bank in the region to extend timely help and support to its customers via Twitter. The bank has also created more rigorous marketing strategies, displaying 360 degree advertising campaigns around the UAE and on social platforms.

“With a successful foundation in service excellence acknowledged over the years, RAKBANK is relentless when it comes to providing top of the class customer service, and we are continuously looking at news ways and channels to underline our commitment,” concluded Honeybill.

22/09/2015

What factors contributed to the bank’s impressive 38 per cent rise in net profits to Dh1 billion at the end of 2010?

• The foundations for this milestone were laid over 10 years ago when the new management team took shape. The requisite strategic vision combined with the ability to outpace the market in launching innovative products and services, has helped the bank to increase its consumer and SME business customers by 9000 per cent and thus its revenue, in the past decade.
• The bank’s ability to adapt swiftly to a changing market environment has also helped. For example, our lending policies can be amended weekly to changing circumstances.
• The bank’s focus on retail/SME banking, emphasis on revenue growth, cross sell to increase products per customer and conservative credit policies have been the keys to success.
• Excellent customer service to build up a loyal customer base, backed by motivated staff has been one of the key success factors. We have retained an obsessive focus on trying to provide products and services that our customers want to have, and at a reasonable price. For the past five years we have been ranked Best Bank in an Independent survey on customer service in the UAE.
• Staff including contracted people, have grown from 130 to 4000 in 10 years. We only recruit and motivate people who can be trained to focus on customer needs and care.
• Our conservative but customer friendly lending policies which are constantly under revision, have contributed to our bad debt levels being less that 50 per cent of our similar competitors.
• The almost obsessive focus on our “core customer” product service offering has driven growth in our revenue streams.

How has RAKBank delivered such high earnings growth metrics amid a fragile, post recession economy?

Making the right calls when it came to building the lending book and choosing the appropriate customer segments has helped the bank during recent rough times.

• A careful and measured approach in selecting who and how much to lend, and which product/customer segment to downsize, when the wider market was extremely positive and growing rapidly, ensured that the down side was limited.
• Concentrated focus on diversified income streams through retail, bancassurance, card payments, mortgages and SME business i.e, our “core business.”

How did RAKBank manage to increase customer deposits by 33 per cent in 2010 in the most fragmented competitive retail banking market in the GCC?

Our Service Quality and transparent pricing model has been a key factor. Customers have reposed faith in the Bank’s brand and services and we have consistently grown a strong and loyal customer base across the Emirates. Ensuring that the customer experience at every touch point with the bank is a ‘wow’ in all respects has helped retain them, amidst stiff competition from local and multinational players.

Is RAKBank the largest consumer banking franchise in the UAE?

We are probably the fastest growing retail bank in the UAE, and we are amongst the tope three or four in terms of customer numbers. We are in the top three in the market in the case of many retail/SME banking products, whether in terms of pace of growth or market share.

Does the risk-reward calculus of corporate banking in the UAE attract you?

We are primarily a retail/SME bank and it is the board’s strategy to continue to focus on growth in this segment. It is our endeavour to continue to make forays in our core customer segments with new product ideas suitable for the market, especially in the areas of Islamic banking, bancassurance and online delivery of products and services. At the present time our hands are full with developing these existing/new business streams, which prevents us from considering a move into corporate or investment banking.

Your shareholders must be thrilled with your performance. An ROE of 30.8 per cent, ROAC of 94.8 per cent and ROA of 5.2 per cent means exceptional profitability metrics in international banking. What valuation metrics do you command in the stock market?

We are a closely held company with minimal trading in the stock market. We feel the market value of our shares is not a true reflection of our inherent strength, as only a tiny fraction of our shares are traded on annual basis.

Please outline your vision for RAKBank in 2020.

In the coming years, consolidation will be a key factor in the UAE banking industry which is currently very fragmented with a large number of players. We envisage the ultimate emergence of four or five major local players in UAE commercial banking market, and we hope to pursue our growth strategy to eventually play a significant role in the evolution of such entities.

“RAKBANK has maintained a robust performance in the nine months of 2010, affirming the bank’s solid business model and prudent banking policies,” said Graham Honeybill, RAKBANK General Manager. “With some recovery signs seen in the current economic environment, the Bank continues to seek good lending opportunities and remains receptive to market opportunities.”

During the year, the Bank’s net interest income grew by 35.5% compared to the previous year to reach AED1.2 billion. Gross Loans and advances stood at AED 16.2 billion, an increase of 16.9% over 31st December 2009 and an increase of 23.4% compared to the same period last year.

Fee, commission and other income grew by 22.9% to AED 459.7 million compared to the same period in 2009. Total assets as of 30th September 2010 stood at AED 21.6 billion, an increase of 25.9% over 31st December 2009 and a 31.6% increase compared to 30th September 2009. Growth in the asset book was a result of a boost in loans and advances, supported by a combination of increases in shareholders’ equity and customer deposits, which were up by AED 3.9 billion to AED 16.8 billion from 31st December 2009 from both term and transaction deposits.

“The Bank has continued to follow a measured approach to expansion, with a focus on maintaining a consistent and sustainable level of growth through a careful lending policy,” added Honeybill. “RAKBANK actively seeks new lending in its chosen fields and has seen particular growth in the small business and personal finance segments.”

During the nine months, RAKBANK has taken adequate provisions on its loan portfolio. Despite an increase of AED 43.6 million in total impairment charges compared to the same period last year, reaching AED 210.3 million as of September 30, the Bank is seeing an improvement in trends quarter-on-quarter.

The Bank’s advances to deposits ratio comfortably stood at 93.4% as per the Central Bank of UAE guidelines. During the nine months period, the Bank purchased USD 53.5 million of its own bonds from the market. The balance of the programme is due on 6th of October 2010, which the bank intends to repay from internal resources.

Also during the nine months, investments totaling AED 56.3 million matured or were disposed of and the Bank’s portfolio stood at AED 358.8 million by the end of September 2010. RAKBANK intends holding all investments to maturity and does not anticipate any loss on any of its investments, all of which are in the names of domestic institutions.

The Share capital of the Bank increased to AED 1,154.4 million up from AED 962.0 million after distribution of a 20% stock dividend. Total shareholder’s equity stood at AED 3.4 billion at the end of the nine months period.

RAKBANK’s Capital Adequacy Ratio is well above the requirement of the Central Bank as of 30th September 2010 at 19.7%.

The Bank will continue its focus on providing a full range of products to its customers supported by award-winning customer service. “RAKBANK continues to invest in product development, technology and other delivery channels and remains in the forefront of Emiritisation in the banking industry,” concluded Honeybill.

The 30th September 2010 interim condensed financial information as reviewed by our auditors can be found on the Bank’s website: www.rakbank.ae.

In line with its commitment to corporate social responsibility, RAKBANK recently took part in the 9th country-wide Clean Up campaign organized by Emirates Environmental Group (EEG) as the main sponsor of the emirate of Ras Al Khaimah.

The RAKBANK Clean Up drive in Ras Al Khaimah united Bank staff from across divisions, branches and locations in their effort to clean littered areas and to help make the Bank’s home emirate a cleaner and better place. Bank staff and management took time off their schedule to raise awareness about the environmental detriments of polluting and to make the Clean Up initiative a truly enjoyable experience.

“RAKBANK is well aware of the significant influence of the Bank's non-financial performance in contributing to long-term value and sustainability in the environment in which it operates,” said Graham Honeybill, RAKBANK General Manager. “As a leading Bank in the country and a large employer, RAKBANK’s social responsibility initiatives aim to reinforce the Bank’s commitment to various environmental programs and to involve staff in the various initiatives that have a positive impact on the UAE community,” added Honeybill.

Also in line with the Bank’s corporate social responsibility, RAKBANK has a number of strategies in place that implement robust waste management initiatives to reduce the consumption of paper and energy at the Bank.

For starters, the Bank encourages its valued customers to make use of RAKBANK Online Banking services where banking transactions are conducted virtually to reduce excessive proliferation of paper without compromising the Bank’s service quality. Additionally, RAKBANK has developed electronic bank statements for its customers, known as e-statements. RAKBANK e-statements are yet another means to reduce paper consumption while engaging Bank customers in the sustainability process and encouraging them to opt for the environmentally-friendly banking solutions. Also, the Bank implements a paper recycling system in its back offices where consumed paper is collected, shredded, and recycled on a regular basis.

Moreover, RAKBANK recently unveiled two new bank premises in Dubai and Ras al Khaimah that tackle environmental issues in terms of building design and construction and, consequently, help reduce the Bank’s energy consumption considerably.

RAKBANK is pleased to have collaborated with EEG on the UAE Clean Up Day in Ras al Khaimah where both organizations worked together towards a greener environment. “This is not the first collaboration between RAKBANK and EEG. Our successful participation in the Can Collection Drive held earlier this year was another milestone in our cooperation record,” said Honeybill.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 28 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also connect to RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

Arun Gopal Menon, a loyal RAKBANK customer, was made the a new Lexus car owner from RAKBANK when he drove away with the number one prize from the Bank’s promotion on Motor Insurance, offered by Oman Insurance Company (OIC).

Throughout the 12-month Motor Insurance Promotion, RAKBANK’s new and existing customers were given the chance to win a luxury Lexus SUV with free Motor Insurance. In addition, free Motor Insurance Policies were given away to three lucky winners every month.

Offered by Oman Insurance Company and brought to customers by RAKBANK, the Motor Insurance policy presents customers with many unmatched benefits such as free cover for the 13th month of insurance, attractive Cashback on using RAKBANK Credit Card for premium payment, agency repair, and many more.

While customers can apply for or renew their motor insurance directly through RAK Auto Loans, RAKBANK now offers customers the added facility of applying for a policy through a simple, online process with RAKBANK Direct via www.rakbankdirect.ae.

“As the number one Bank in the UAE in customer service, RAKBANK adds www.rakbankdirect.ae to its portfolio of e-solutions to complement the Bank’s branch network and provide RAKBANK customers with the utmost convenience and service quality when applying for Bank and insurance products,” said Graham Honeybill, RAKBANK General Manager.

RAKBANK Direct is the latest service from the Bank which extends to customers, among other services, customized insurance products in a simple and timely manner that eliminates unnecessary documentation. By getting a personalized quotation online, uploading requested documents, and making a payment via credit card or a RAKBANK account, customers are just a few clicks away from having a brand new insurance product from OIC. Customers using their RAKBANK Credit Card for premium payments also benefit from up to 3% Cashback on their transaction.

Up until March 31st 2013, customers who apply for their Motor insurance policy via www.rakbankdirect.ae receive a Free Car Wash voucher which includes body wash, wax, and more. The Motor Insurance brought by RAKBANK features additional benefits that include natural calamities and riots cover, Sultanate of Oman cover, free AAA silver membership, a hassle-free application process, and a policy delivered to the customer’s doorstep.

To learn more about these products, customers are invited to visit www.rakbankdirect.ae where they can even engage in live chat with a RAKBANK customer service representative.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 28 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also follow the Bank on Twitter @RAKBANKlive and @RAKBANKhelp.

Providing customers with a competitive variable interest rate of 5.5%

RAKBANK has announced the launch of a new mortgage offer that provides property buyers with added flexibility as well as competitive interest rates from as little as 5.5%.

Available for a limited period, the new mortgage offer is open for UAE nationals, resident and non-resident expatriates. It extends up to 80% finance of the market value of the property to all buyers seeking select properties from leading Abu Dhabi and Dubai developers. RAKBANK will also finance the purchase of certain private properties registered with Dubai Land Department.

“As the real estate market is stabilizing, more and more people are taking a long-term view by looking at homeownership in the UAE," says Graham Honeybill, RAKBANK Chief Executive Officer. “Staying true to the Bank’s customer centric approach, RAKBANK has launched a mortgage offer with a simple and affordable solution for home finance to cater to the growing number of potential property buyers in the country.”

Potential buyers applying for the mortgage loan have the option of applying for a two- year fixed interest rate, which will ensure their monthly repayment remains unchanged during this period, or they could avail of the Bank’s competitive variable interest rate. They can also take advantage of the Bank’s personal and dedicated award-winning customer service, flexible repayment periods and fast and easy approval process.

RAKBANK was one of the first banks to offer mortgage finance in the UAE back in 2004. Since then, the Bank has successfully established itself as an active mortgage provider in the country and maintained a consistent approach of focus on service quality excellence and extensive customer support through the purchase process.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving over 400,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing, most dynamic banks and a major player in the personal banking and small business sectors in the UAE.

The Bank offers a wide range of personal banking services through its 28 branches and telephone and online banking channels. It is a leading provider of credit cards and a prominent player in mortgage finance and small to medium enterprise finance.

Customer service excellence is a cornerstone of the Bank’s success, with the bank having been voted in 2010 for five years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study. For more information, you can visit www.rakbank.ae or contact the Call Centre at +9714 213 0000. You can also follow the Bank on Twitter @RAKBANKlive and @RAKBANKhelp.