Rakbank to grow in capital

Ras Al Khaimah (RAK) Bank plans to boost its presence in Abu Dhabi with three new branches this year, and five more in 2010, a press statement said yesterday.

The first of these was opened this week in Mussafah, servicing individuals and businesses in the area and housing a dedicated center for SMEs.

The bank offers a range of loan and deposit services for SMEs, including finance up to half a million dirham through collateral-free loans, without the need for placement of deposits or assets as financial guarantees.

"Expanding the branch network is part of Rakbank's plans to raise its profile in Abu Dhabi over the next few years," said Graham Honeybill, General Manager of Rakbank. "Having established itself as a highly active and visible retail bank in the Northern Emirates and Dubai across a variety of financial products, the bank aims to broaden its reach within the UAE and gain a similarly strong footing in Abu Dhabi." The bank currently has 27 branches across the UAE.

 

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