Published: Jun 08, 2014
Source: Emirates 24|7

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Rakbank lifts foreign ownership

Ras Al Khaimah-based and Abu Dhabi-listed Rakbank announces in a media statement today that it has received ministerial approval to lift its foreign ownership level to 40 per cent following the decision taken by its shareholders at the extraordinary general meeting last month. Rakbank noted that the new limit has already been adjusted by Abu Dhabi Securities Exchange (ADX) since last Thursday (June 5).

Peter England, Rakbank’s CEO, said that the bank had been running close to the old 20 per cent limit for some months now. He said foreign interest had picked up strongly as a result of the UAE’s inclusion in the MSCI Emerging markets index as well as the bank’s active engagement with foreign investors in recent months. Read more >>

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