RAKBANK received approval today from shareholders at its adjourned Extraordinary General Assembly Meeting to raise its Foreign Ownership Limit by 20 percent.
Online PR News – 20-May-2014 – Dubai – RAKBANK received approval today from shareholders at its adjourned Extraordinary General Assembly Meeting (EGM) to raise its Foreign Ownership Limit (FOL) by 20 percent. Upon approval from the relevant authorities the new FOL would be 40 percent and aims to improve the liquidity available to foreign investors.
Active engagement with local and international investors has become a key focus for RAKBANK since Peter England took over as Chief Executive Officer in November 2013. “The decision to increase the limit of foreign ownership is important to us as we are currently running very close to our existing limit of 20%,” said England. “In our conjunction with regular communication with investors we are seeing extensive demand for RAKBANK stock by interested parties from across the globe. Despite a tight free float, a higher limit on foreign ownership makes additional room for international buyers and also complements the recent developments of the UAE’s stock markets to attract new foreign investments."
As of March 31 this year, the Bank's earnings per share stood at 0.2 dirhams and total shareholders' equity was approximately AED 6 billion dirhams. Its capital adequacy ratio was 27.6 percent, one of the highest among banks in the UAE.
The FOL increase becomes effective once regulatory formalities are completed.
- ENDS -
RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, the Bank is one of the country’s oldest local financial institutions and today one of its fastest growing and most dynamic banks. According to The Banker's Top 100 Bank Rankings for 2013, RAKBANK is the 1st in the Arab World by Return on Assets and 5th in the Arab World by Return on Capital.
RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 34 branches, and its Telephone, Online, and Mobile banking channels.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
For media queries, kindly contact Lamis Daoud on +9714 291 5064 or via email@example.com.