The bank plans to invest around $ 250 million over the next three years, half of which will be channeled to AED 125 million, while the bank's total investment this year is about AED 100 million, said Peter England, Chief Executive Officer of RAK.
He added to reporters that the bank's revenues from financing small and medium enterprises represent about 40% of its total revenues until the end of 2018.
He explained that there is no specific sector for which the bank focuses on small and medium-sized enterprises, but retail finance represents only 10% of the bank's portfolio of projects as a whole.
In terms of digital transformation, England said that the bank does not intend to close branches, given the importance of the branches in financing small and medium enterprises, and communicate with the owners of these projects, noting that the bank may change the locations of branches, to suit the geographical areas of customers. But ruled out the opening of new branches this year.
The $ 500 million sukuk issued by the bank in April aims to refinance part of other sukuk that is due on June 25. The bank is not currently planning to issue other sukuks this year, The liquidity position is good, as is the case with other UAE banks, while other sukuks may be issued next year, depending on the state of the market.
With regard to the implementation of IFRS 9, England said that the Bank had already met the requirements for the first phase of these standards as of June 2018, stressing that the implementation of this standard does not represent a radical change in the rules adopted by the Bank.
He disclosed that the bank has already received regulatory approval to launch a mini gold contract on the Dubai Gold and Commodities Exchange (DGCX), expected to be launched in the third quarter of this year.
He pointed out that the impact of «Expo 2020 Dubai» in small and medium enterprises, has become very large beginning this year.
National Bank of Ras Al Khaimah and Coca-Cola Arena today announced a five-year partnership to offer smooth transactions to visitors at the Coca-Cola Arena in City Walk.
RAK National will offer innovative solutions to its visitors and provide qualified customers access to Premier Club, which will be known as the RAK Bank Club and Pavilion.
England said the bank will provide an efficient and secure digital payment gateway for any card, as well as integrated services that enable visitors to use their cards to purchase tickets for all offers.