RAKBANK is pleased to announce the arrangement of a AED 125 million credit facility to Reem Finance PJSC, a private joint stock company incorporated in Abu Dhabi, focusing on commercial lending to a wide range of businesses. Reem Finance provides innovative and tailored commercial financing solutions across the UAE with agility and quality of execution.

The loan facility was signed at the Reem Finance PJSC’s office in Abu Dhabi. Attending the ceremony were Mustafa Kheriba, Reem Finance’s Board Member, Howard Kitson, Reem Finance’s Chief Executive Officer, and Peter England, RAKBANK’s Chief Executive Officer, along with Rajan Khetarpal, RAKBANK’s Board Member, and other senior representatives from RAKBANK, and Reem Finance.

Peter England, RAKBANK CEO, said: “We are delighted to have partnered with Reem Finance to support their general expansion plan in commercial lending. This facility allows us to diversify our asset book into Non-Bank Financial Institutions (NBFIs) in the region.”      

Commenting on the signing, Howard Kitson, Reem Finance CEO, said: “We are extremely pleased to sign up on this partnership with RAKBANK as this is the second medium term financial agreement for us in the UAE. This agreement reflects strong investor confidence in the company’s operations and future growth potential and confirms the positive market sentiment as the company enters a new era of business development and is geared to become a market leader under the directive of the new board and the new executive team.”

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About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae  or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via www.twitter.com/rakbanklive  and www.facebook.com/rakbank.

For media enquiries, please contact:
Geraldine Dagher 
Geraldine@rakbank.ae

© Press Release 2017