RAK Bank seeks to extend notes scheme

Dubai: UAE lender National Bank of Ras Al Khaimah (RAK Bank) wants to raise the limit of its medium term notes (MTN) programme to $1 billion from $500 million, subject to shareholder approval, it said Monday.

The bank plans to hold a meeting with shareholders on May 11 to discuss the extension, it said in a statement on the bourse website. In March, Mashreqbank approved an increase of the limit of its euro medium-term notes programme to $5 billion from $2 billion.