Plans to Boost Presence in Capital with 8 New Branches by end of 2010
RAKBANK plans to boost its presence in Abu Dhabi with three new branches this year, and five more in 2010. The first of these has opened this week in Mussafah, servicing individuals and businesses in the area and housing a dedicated center for SMEs.
Located in a bustling industrial zone populated with small and medium sized organisations, the RAKBANK Mussafah branch predominantly caters to businesses in the neighborhood that are looking for financial solutions which suit their requirements. The bank offers a range of loan and deposit services for SMEs, including finance up to AED500,000 through collateral-free loans, without the need for placement of deposits or assets as financial guarantees.
The Mussafah branch also offers a wide range of services for individuals, from accounts, deposits and investment options to credit cards and personal, auto and mortgage loans.
"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."
He also added that "SMEs are looking for credit now more than ever in order to sustain and grow business in a more difficult market environment. The new specialized SME centre within the Musaffah branch will help to address those needs and offer practical and convenient solutions to the thousands of neighbouring businesses".
Two more branches will be opened in the capital by end of this year, and an additional five the following year, which will bring the total number to 10 in Abu Dhabi by end of 2010. The bank currently has 27 branches across the UAE.
-Ends-
About RAKBANK
RAKBANK, the National Bank of Ras Al-Khaimah, is a leading retail bank in the UAE, serving 330,000 customers. Founded in 1976, the bank is one of the UAE's oldest local financial institutions and today one of its fastest growing and most dynamic banks, with assets worth Dh14.5billion.
The bank offers a wide range of personal banking services through its 27 branches and telephone and online banking channels. It is a leading provider of credit cards and was first to introduce the concept of 'Free for Life' cards, a facility now adopted by many industry players. It is also a significant player in the mortgage finance and small to medium enterprise business sectors.
Customer service excellence is a cornerstone of the bank's success, with the bank having been voted in 2008 for four years running as #1 Bank in Customer Service in the UAE Annual Bank Benchmarking Study.
For more information, visit www.rakbank.ae
For more information, please contact:
Basma Alwesh,
Dir Tel: 04 2915064,
mobile: 050 6500743,
email: basma@rakbank.ae
Lamis Daoud,
Dir Tel: 04 2915055,
mobile: 050 5973247,
email: lamis.daoud@rakbank.ae
© Press Release 2009
