Area served United Arab Emirates Founded 1976 | Website www.rakbank.ae | |
Type Public Joint Stock Company Industry Banking
Financial services Key people H.E. Mohammad Omran Alshamsi
(Chairman)
Peter William England
(Chief Executive Officer)
Deepak Majithia
(Chief Financial Officer)
Geoffrey Stecyk
(Chief Operating Officer)
K.S. Ramakrishnan
(Chief Risk Officer)
Abdul Karim Juma
(Director of Islamic Banking)
Saleh Ali Saleh
(Director Of RAK Business)
Mufaddal Khumri Idris
(Director of Credit Cards) Products Cards
Wealth Management
RAKFinance
Insurance & Takaful
Mortgages
Auto Finance
Personal Finance
Business Banking CEO Peter England (1 Nov 2013–) Subsidiaries The National Bank of Ras Al-Khaimah, Asset Management Arm Profiles | ||
Simply better business banking with rakbank
RAKBANK is the trading name of the National Bank of Ras Al-Khaimah PJSC, a public joint stock company headquartered in the emirate of Ras Al-Khaimah, in the United Arab Emirates (UAE). It is listed on the Abu Dhabi Securities Exchange (ADX) and its shares are publicly traded
Contents
- Simply better business banking with rakbank
- Corporate history
- Subsidiaries
- Shareholders
- Mobile Banking
- RAKBANKdealsae
- MobileCash
- CSR
- Awards
- References
RAKBANK is a retail and business bank in the UAE with assets of AED 34.5 billion at the close of the first half of 2014. The Bank provides conventional and Islamic retail, small business, and commercial banking services through a network of thirty eight branches and 285 ATMs in the UAE as well as its Telephone, Online and Mobile Banking channels. According to The Banker's Top 1000 Arab Bank Rankings in 2014 (published by FT Financial Publishing), RAKBANK is the 1st in the UAE by Return On Assets (ROA) and 17th in the world.
The Bank was amongst the few commercial banks in the UAE which posted profit growth in 2009. Due to the Bank’s withdrawal in 2006 from lending in the construction and civil engineering segments outside of its base Emirate, it has very little residual exposure in those segments and has no exposure to construction involving high-rise towers
At the start of 2013, the Bank launched an Islamic Banking unit, RAKBANK AMAL, amid a flood of investments in the Shariah (Islamic law)-compliant financial sector in the country. The Islamic banking products and services are offered via its subsidiary, RAK Islamic Finance Company. In August 2014, the Bank announced its intention to acquire a majority stake in Ras Al Khaimah National Insurance Company (RAKNIC) following approval from the Bank’s shareholders. Shareholders voted in favour of the Bank buying a majority stake at Dh3.64 per share during its ordinary general assembly held on Monday at the bank’s headquarters in Ras Al Khaimah. The acquisition will be done through an offer to all shareholders of RAKNIC.
Corporate history
Established in the 1970s, the National Bank of Ras Al-Khaimah underwent a major transformation in 2001, with a shift in focus from corporate banking to retail and small businesses.
Subsidiaries
RAKBANK has a total of four subsidiaries as of 30 September 2014:
Shareholders
The Bank is 52.76% owned by the Government of Ras-Al-Khaimah with shares that are publicly traded. The Board consists of several members of the ruling family of the emirate and businessmen from across the UAE and Kuwait. Ras Al-Khaimah
Mobile Banking
Also in early 2011, RAKBANK launched its Mobile Banking service, an alternative channel that provides customers with the convenience of conducting banking transactions on the go via mobile phones. RAKBANK made Mobile Banking available on both smart phones and conventional mobiles.
RAKBANKdeals.ae
In late 2011, RAKBANK launched RAKBANKdeals.ae, an online platform providing Credit and Prepaid Cardholders with weekly deals offering discounts of 50% and more. In mid-2012, it made RAKBANKdeals.ae into an interactive mobile application.
MobileCash
In mid-2014, RAKBANK launched MobileCash for instant money transfer through mobile phones. The recipient doesn’t even need a bank account – they enter a code and pick up the money from a RAKBank ATM. The recipient doesn’t even need a smartphone either
CSR
RAKBANK has a number of strategies in place to honor its sustainability commitments which reduce the bank’s consumption of paper, toners, and energy. It is also constantly scouting for opportunities to help better society and to offer philanthropic contributions.