What's the buzz! Keep up with the latest news from RAKBANK.
RAKBANK Records 13% Growth in First Quarter Profits
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:
Rating Agency | Deposits | Financial Strength | Support |
---|---|---|---|
Moody’s | Baa1 / P-2 | D+ | - |
Fitch | BBB+ / F2 | C | 2 |
Capital Intelligence | A-/ A2 | BBB+ | 2 |
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.
Banking Made Simpler with RAKBANK's Click & Collect
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.
RAKBANK Launches the Titanium Business Credit Card. New Credit Card Serves as Growth Supplement for SMEs
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.
Additional Banking Services Available on RAKBANK Mobile Banking
01/06/2013
RAKBANK, the leading retail and small business bank in the UAE, announced the launch of new services on its Mobile Banking platform that allow customers to conduct a wider range of banking transactions on the go via their handset. By introducing added services on its Mobile Banking Application and Service, customers can now use their mobile phones to order new cheque books, transfer balances, apply for supplementary cards, and even report a lost or stolen credit card. RAKBANK Mobile Banking saves time when seeking investment details and when applying for an advance against salary.
“Because RAKBANK values the modern customer’s time, we are always working to add new services on our digital channels that simplify the customer’s banking experience,” said Homi Gandhi, Head of RAKBANK Direct. “The launch of a collection of new services on Mobile Banking is part of this continuous effort, which ensures that customers can conduct their banking activities anywhere, and anytime.”
Using their handsets, RAKBANK customers can today request to place fixed deposits, postpone a loan installment, and register for e-statements. In addition to opening a F@st S@ver account online, RAKBANK customers can now use their mobile to open a Term Deposit Account plus a RAKBANK AMAL Jood Account, a unique Mudaraba-based savings account that grows customer savings while giving them chances to win AED 500,000 in a quarterly draw.
“RAKBANK recognizes the growing trend among its customers to access their accounts on their mobile phones and has made Mobile Banking available to holders of various devices ranging from Android, iPhone, and Blackberry smartphones. The Bank even offers non-smartphone users a unique USSD-based banking service which can be accessed on any mobile device on the Etisalat network,” added Gandhi.
Going one step further, RAKBANK provides customers with an online application process for customized insurance products, offered by various leading insurance service providers, through RAKBANK Direct on www.rakbank.ae. It also gives customers the added advantage of connecting with the Bank’s social media accounts on Facebook and Twitter.
- 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.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
RAKBANK Becomes the First Bank in the UAE to Reach Out to the Filipino Community
02/02/2013
RAKBANK, the leading retail and small business bank in the UAE, announced the launch of the first card in the region that caters to its large Filipino community. The new Bayani card is the latest addition to RAKBANK’s portfolio of Prepaid Cards and aims to better serve Filipino customers in the country. Not only is it an ideal alternative to cash, but the Bayani Prepaid Card also allows customers to instantly send money in US dollars to their family in the Philippines through their computer or mobile phone.
Upon application for a Bayani Card, customers automatically receive an add-on card along with the main reloadable Prepaid Card to send to the customer’s loved ones back in the Philippines. By loading the main Bayani card here in the UAE, the cardholder can send money instantly to those in the Philippines by transferring money to the add-on card in US dollars through Online Banking or SMS. “Because RAKBANK values the large Filipino expatriate community in the UAE, it is extending the Bank’s pioneering products and award-winning customer service to this market segment through the innovative Bayani Prepaid Card,” said Graham Honeybill, RAKBANK Chief Executive Officer.
The Bayani main cardholders and add-on card holders can use their cards to withdraw cash from any ATM in the UAE and worldwide that accepts MasterCard cards, while the add-on card holders have the additional advantage of withdrawing funds in pesos from any ATM in the Philippines for free. Both the main and add-on cards are covered with free travel accident insurance cover and purchase protection insurance.
Additionally, Bayani Prepaid Cards include numerous offers on retail purchases to help customers save through a wide range of over 100 buy-one-get-one-free offers, including 30 exclusive benefits at Filipino outlets in the UAE. For a complete list, and for any other enquiries please click here. Also, customers will be pleased to know that the Bank is giving away 50 Samsung Galaxy SIII phones to Bayani card holders. This promotion, running until 31st May 2013, entitles customers one chance to enter the draw for every AED 250 spent on their main card, and two chances for every AED 250 spent in the Philippines using the add-on card.
In addition to Bayani, RAKBANK offers customers its Bling and Loaded Prepaid Cards. 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. “Prepaid Cards are the easiest way to budget day-to-day expenses because they allow customers to spend only up to the amount loaded on their cards,” explained Anil Chander, RAKBANK Head of Cards. “The Cards 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.”
- 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.
RAKBANK’s New Millionaire Credits Good Karma
29/01/2013
Chandana Nath Thakur could hardly believe her ears when she was announced the winner of RAKBANK’s semi-annual Millionaire draw. After much reassurance that her win is official, Chandana finally broke into smiles as she claimed her million dirham prize from RAKBANK where she has been banking for over 2 years.
Chandana came close to missing out on her prize though because she had changed her contact details and forgot to update the Bank. “I would like to thank RAKBANK for their dedication in contacting me and making me a millionaire!” said Chandana. “I consider this happy surprise as a reward for my benevolent actions,” added the mother of one who prioritizes the sponsorship of an underprivileged child’s education despite her financial struggles. Even after becoming a millionaire, the first thing Chandana said she will do is set aside a budget for the high school education of the child.
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 120 outlets through the RAKfeast dining and discount program.
- 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.
RAKBANK Posts Strong Results for 2012. Banks Net Profit Increases by 16.6% for the year
26/01/2013
RAKBANK, the leading retail and small business bank in the UAE, announced AED1,402.8 million net profit for 2012, an increase of 16.6% over 2011. The Bank continues to report double digit growth year on year by consistently pursuing the Bank’s successful strategy towards the business and personal finance segments.
“2012 marks a very successful year for RAKBANK,” said Graham Honeybill, RAKBANK’s Chief Executive Officer. “Not only did it see the Bank’s implementation of its revamped core banking system, but 2012 also witnessed the preparations for the launch of RAKBANK’s Islamic Banking window.” With these achievements and many others, it is no surprise that RAKBANK was voted Bank of the Year in 2012 by an independent jury during the Arabian Business Achievement Awards.
In review, the Bank’s net interest income increased in 2012 by 12.5% over 2011 to AED 2,233 million. This was mainly a result of a 10.4% growth in loans and advances, which stood at AED 20.3 billion for the year. Fee income for 2012 exceeded 2011 levels despite the tariff restrictions imposed by the UAE Central Bank in May 2011, with total revenues climbing by 9.7% to AED 2.9 billion.
Meanwhile, credit losses were 30% lower than 2011 as the Bank continued to apply a conservative strategy to loan underwriting and provisioning. Consequently, non-performing loans remained steady, at a rate of 2.5% of gross loans. Deposits grew by 13.3% to AED 20.7 billion which, along with retained profits, was sufficient to support the growth in loans, investments and the repayment of the AED 684 million in debt to the Ministry of Finance.
Operating costs increased by 13% as RAKBANK expanded its branch and ATM network throughout 2012 by adding a branch in Sharjah, another in Abu Dhabi, and over 50 ATMs around the country. The Bank also launched 3 dedicated SME banking centres to ensure a convenient banking presence where small and medium sized companies are located.
In the meantime, the Bank continued to invest in online media channels including Online Banking, Mobile Banking, and RAKBANK Direct and RAKBANK Deals on www.rakbank.ae.
Besides its online innovations, RAKBANK is committed to taking advantage of opportunities in the marketplace that grow its customer base. The Bank recently introduced Islamic Banking services through a separate brand, RAKBANK AMAL, to take advantage of the growing local demand for Islamic finance. “RAKBANK is aligning itself with the country’s efforts to be at the forefront of Islamic Finance by bringing its trendsetting products, online solutions, and award-winning customer service into the local Islamic Banking market.”
Finally, the regulatory liquidity ratio at year end was 20% compared to 19% by end of 2011. RAKBANK is well positioned to comply with the new liquidity rules as and when they become effective. The Bank’s Tier 1 ratio as per Basel II is 28.78% as against the requirement of 12% set by the UAE Central bank and this level of capital provides the Bank ample room for growth during 2013.
RATINGS
The bank is currently rated by the following leading rating agencies. Their recent ratings have remained unchanged as follows:
Rating Agency | Deposits | Financial Strength | Outlook | Support |
---|---|---|---|---|
Moody’s | Baa1 / P-2 | D+ | Stable | - |
Fitch | BBB+ / F2 | C | Stable | 2 |
Capital Intelligence | A-/ A2 | BBB+ | Stable | 2 |
Dividend
The Directors have recommended a stock dividend of 10% and a cash dividend of 40%. The dividend recommended will result in over 56% of the net profit being retained, thereby increasing capital and reserves to strengthen the Bank’s overall position and provide support for future growth.
- 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.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
RAKBANK Launches Islamic Banking. RAKBANK AMAL brings new hope for improved Islamic Banking in the country
18/01/2013
RAKBANK, the leading retail and small business bank in the UAE, is starting 2013 with the launch of its new Islamic Banking window. The Bank’s Islamic Banking services will be offered through a separate brand, RAKBANK AMAL, to include a wide range of products from Accounts, Loans and Cards to Takaful policies.
“As the fastest growing bank in the region, introducing Islamic Banking is the natural direction for RAKBANK as it strives to better serve existing and potential customers in the country through added choice,” said Graham Honeybill, RAKBANK Chief Executive Officer.
Just like RAKBANK brought innovation into conventional banking through trendsetting products, online solutions, and award-winning customer service, RAKBANK AMAL aims to bring the same foundations into Islamic Banking to enhance the local Islamic Banking market. “The Bank’s solid reputation for success and its commitment to customer service pave the way for a promising foundation for AMAL with the potential to set itself apart in a crowded market,” added Mufaddal Khumri, RAKBANK Head of Islamic Banking.
Available throughout the Bank’s 33 branches, RAKBANK AMAL provides financial solutions to a wide customer base with a preference for Sharia-compliant products and services. “With rising investment flows in Islamic Finance in the UAE and Dubai’s ambitious plans to set up an integrated platform for an Islamic Economy, RAKBANK aims to be at the forefront of Islamic Banking solutions to meet growing local demand,” explained Khumri.
RAKBANK AMAL’s Sharia-compliant products include Jood Account, a unique Mudaraba-based savings account that allows customers to grow their savings while earning chances to win AED 500,000 in its quarterly draw. Also, two lucky winners will pocket AED 5,000 each per month and 100 others will receive AED 500 each.
In addition to its two Debit Cards, RAKBANK AMAL also offers two Credit Cards through RAK Islamic Finance Company, a fully owned subsidiary of RAKBANK. Sharing the trendsetting features of RAKBANK Cards, RAKBANK AMAL does not charge an annual fee on the sharia-compliant cards which are also eligible for up to 5% Cashback. In addition, it brings its cardholders exclusive dining and lifestyle privileges with RAK Islamic Feast and RAK Islamic Lifestyle. Customers are sure to receive continuous rewards and benefits through exclusive weekly deals, including 50% discounts at various Sharia-compliant outlets, through RAKBANK Deals, which is also supported by an interactive mobile application.
Moreover, Amal Auto Finance, based on the Islamic concept of Murabaha, helps customers get the car of their dreams with minimal documentation and quick approvals. No salary transfer is required and finance is available for up to 60 months at competitive profit rates and through flexible repayment periods.
In case of any queries, customers can contact the dedicated toll free number on 800 AMAL (2625) or click here. RAKBANK AMAL services are available on all existing and traditional Bank branches, Online Banking, Mobile banking, RAKBANK Direct, RAKdirect, and ATMs.
- 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.
Exclusive Banking Presence for RAKBANK in Al Ain Motor Show. Bank offers convenience and reduced rates to visitors of MOTEX 2013
11/01/2013
RAKBANK, the leading retail and small business bank in the UAE, is the official sponsor of the second Al Ain Motor Show, MOTEX 2013. Running from 17 to 20 January in Al Ain Convention Center, the show is under the patronage of His Highness Sheikh Hazza Bin Tahnoon Al Nahyan, General Manager of the Dewan of the Ruler’s Representative in the Eastern region. MOTEX 2013 includes distributors and vendors of cars and car accessories, as well as an exclusive presence by RAKBANK to give visitors the opportunity to avail of the Bank’s competitive car finance scheme on the spot.
“By participating in the second Al Ain Motor Show, RAKBANK aims to facilitate car finance for show visitors through added convenience and a prompt loan approval process,” said Lina Yahya, RAKBANK Head of Auto Loans. “The Bank is also going one step further by offering customers reduced Auto Loan rates and deferring their first installment to ensure that their MOTEX visit is worth their while!”
RAKBANK is extending special interest rates for show visitors from as little as 3.99%. Not only is the Bank offering MOTEX visitors Auto Loan approvals within 60 minutes, but customers can even choose to defer the first installment for 100 days. Along with the approved loans, RAKBANK is also extending finance for motor insurance policies, as well as service contracts, select accessory purchases, and rustproofing.
“RAKBANK is delighted to establish an exclusive banking presence in Al Ain Motor Show 2013,” said Graham Honeybill, RAKBANK Chief Executive Officer. “The Bank’s strong presence in the show complements its continuous efforts to meet the needs of potential and existing customers throughout the emirates.”
MOTEX 2013 gives visitors the chance to test drive all 2013 new cars free of charge and includes special offers on select vehicles. The motor show is open every day from January 17-20 from 03:00 – 11:00 pm in Al Khabisi Hall in Al Ain Convention Centre. Entry is free.
- 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.
For more information, please visitwww.rakbank.aeor contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
RAKBANK Scoops ‘Bank of the Year’ Award at the 2012 Arabian Business Achievement Awards
19/11/2012
RAKBANK was recently chosen as the Bank of the Year by an independent panel of business leaders from the region during the 2012 Arabian Business Achievement Awards. The award celebrates the Bank’s outstanding performance and excellence in retail and small business banking amongst banks operating in the country.
“RAKBANK is proud to have been selected as the leading bank in the UAE,” said Graham Honeybill, RAKBANK Chief Executive Officer. “This recognition is a testament to the Bank’s successful business strategy, which is championed by the diligence and dedication of our valued staff.”
Highlighted by its growing profits, RAKBANK managed to stand out in a crowded banking industry by launching trendsetting products and services within a solid lending approach. In addition to its heavy investments in technology and a range of new products and services over the last 12 months, the judges particularly lauded the Bank’s continuous support for the small business segment in the UAE. “Recognizing the importance of small businesses in the local economy, RAKBANK’s successful strategy ensures flexible financial solutions for businesses in the UAE through innovative products and award-winning customer service,” added Honeybill.
Its unwavering commitment to customer service also saw the Bank widen its portfolio of electronic services to complement its branch network and provide the utmost convenience for customers. “Superior service quality is a cornerstone of the RAKBANK experience and we aim to bolster customer convenience by ensuring a Bank presence wherever our modern customer is,” concluded Honeybill. Customers can visit www.rakbank.ae as a one-stop shop to learn about the bank’s products and services, perform their banking transactions, apply for insurance policies, and connect with the Bank via social media or real-time chat.
The Arabian Business Achievement Awards was held in Emirates Towers in Dubai on Monday 19th November. This year’s independent panel of judges included Mohamed Almulla from Arab Media Group, Osman Sultan from du, Adel Ali from Air Arabia, Osama Hamdan from Drake and Skull, Dr. Saad Al Barak formerly with Zain, Khalid Samawi from Ayyam Gallery, and Walid Akkawi from ITP.
- 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.
For more information, please visit www.rakbank.aeor contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.