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29 March 2024

RAK Bank to double foreign ownership to 40%

Published
By Staff/Reuters

National Bank of Ras Al Khaimah (RAK Bank) shareholders will meet on May 1 to decide whether to raise the foreign ownership limit in the bank's shares to 40 per cent, the lender said in a bourse statement on Monday.

The bank, which is listed on Abu Dhabi Stock Exchange, currently has a 20-per cent cap on foreign ownership. Foreigners currently own 19.3 per cent of the bank's shares, according to Thomson Reuters data.

In the event of lack of quorum, the meting shall stand adjourned until Thursday, May 8, the bank said.