RAKBank, a lender based in the emirate of Ras Al Khaimah in the United Arab Emirates, plans to put between 400m and 600m UAE dirhams (between $108.9m and $163.4m) into a four-year strategy to diversify its business, its chief executive said.
RAKBank – the trading name of the National Bank of Ras Al Khaimah – is going to put a lot of effort into cash management, foreign exchange operations, hedging, trade financing, wealth management, and transaction and payment services, Abu Dhabi-based English-language daily The National cited Raheel Ahmed as saying.
The medium-sized bank, which is majority-owned by the Ras Al Khaimah government, has a longer-term plan to launch debt and equity advisory services, Ahmed said.
Last week, RAKBank reported a net profit of 1.16bn dirhams ($316.1m) for 2022, representing a year-on-year increase of more than 53 per cent, which, the bank said, had been the highest annual increase for more than a decade.
The UAE Central Bank estimates that the UAE economy, the second-largest in the Arab world, grew by 7.6 per cent in 2022, which was its biggest growth in 11 years, and projects it to swell by 3.9 per cent in 2023.
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