United Arab Emirates, 28 May 2015

RAKBANK today announced the acquisition of 79.23% stake Ras Al Khaimah National Insurance Company P.S.C. (RAK Insurance) following the purchase of a total of 87,154,981 shares at AED 3.64 per share through a tender offer. The acquisition enables RAKBANK to become the largest shareholder in the insurance provider and is in line with the Bank's strategy to become a broad-based financial services company.

H.E. Mohammad Omran Alshamsi, RAKBANK Chairman, commented: "The acquisition is consistent with the Bank's key strategic objective of strengthening market share and I am confident that this acquisition will deliver long-term value to all stakeholders."

Peter England, RAKBANK CEO, said: "RAK Insurance is a successful and well reputed insurance provider and we look forward to growing our collective businesses in a very close partnership and to jointly develop a range of insurance products over time. We see a tremendous opportunity for growth in the Bank's business by diversifying into complementary industries such as insurance that enhance revenue and market share and ensure that customers enjoy a more wholesome experience."

Founded in 1974, RAK Insurance is a successful insurance provider listed on the Abu Dhabi Securities Exchange (ADX) and has a full license to issue conventional general and life policies.

Andrew Smith, RAK Insurance CEO, said: "I am delighted that we have been able to partner with RAKBANK through a share acquisition. Developing the bancassurance channel, RAK Insurance will be able to further strengthen its client's relations and help provide the bank with unique and innovative products and services.  This is an exciting opportunity for both parties and I look forward to continued success."

With a total capital ratio of 24.2% by end of 31 March 2015, RAKBANK funded the entire acquisition through existing resources. Whilst RAK Insurance will become the Bank's preferred insurance partner, RAKBANK will continue to bring to its customers a range of insurance products from other providers as per its current arrangements to ensure that customers can choose from a wide range of products to suit their needs. The Bank has 35 branches and over 200 ATMs throughout the UAE, as well as Telephone, Online, and Mobile banking solutions.

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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. Founded in 1976, RAKBANK successfully underwent a major transformation in 2001, shifting its focus from purely corporate banking to include Retail and Business banking.

RAKBANK offers a wide range of personal and business banking services, as well as Islamic Banking solutions via RAKBANK AMAL, throughout its 35 branches and its Telephone, Online, and Mobile banking channels. According to The Banker's 2014 Top 1000 Bank Rankings, RAKBANK is the 1st in the UAE by Return on Assets and the 17th in the world.

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 +97142915064 or via lamis.daoud@rakbank.ae.

© Press Release 2015