Fitch Ratings has given the National Bank of Ras Al Khaimah (Rakbank) a stable rating for the long term reflecting Fitch's view that there is an extremely high probability of support from the UAE authorities if necessary. The government of Ras Al Khaimah holds a majority stake in Rakbank which gives investors reassurance and there is also a strong history of support being provided by the authorities to banks in the UAE.
The Ras Al Khaimah bank has 25 branches and 61 ATMs located throughout the UAE. With a focus on retail banking, it provides personal loans, mortgages, current and savings accounts and credit cards. It is also active in commercial banking and trade finance.
The Individual Rating reflects Rakbank's good performance and satisfactory asset quality and capitalisation. Profitability is healthy, with operating income increasing by 65 percent in the first nine months of 2008.
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