Bank ABC (Arab Banking Corporation (B.S.C.)), First Abu Dhabi Bank PJSC (FAB), and Standard Chartered Bank, acting as the Initial Mandated Lead Arrangers and Bookrunners, successfully closed a debut US$350 million 3-year Syndicated Term Loan Facility for The National Bank of Ras Al Khaimah (P.S.C) (RAKBANK).

The Facility was signed on 9th October 2017 and will be utilized by RAKBANK for general funding purposes.

The syndication was launched at US$250 million on 8th August, 2017 and the facility was well received by the market and oversubscribed on the back of strong participation from regional and international banks. RAKBANK decided to upsize the facility size to US$350 million. A total of 22 banks from the GCC, Europe and Asia participated in the Facility. 

RAKBANK is rated Baa1 (stable) by Moody’s and BBB+ (stable) by Fitch Ratings.

-Ends-

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:
RAKBANK 
Fatima Kloub
Fatima.kloub@rakbank.ae

© Press Release 2017