The National Bank of Ras Al Khaimah (RAKBank) said it has mandated banks to arrange a debut $250 million three-year syndicated term loan facility.

The proceeds will be used for general corporate purposes. Syndication was launched on Tuesday and is expected to close by mid-September 2017, the bank said in an emailed statement.

The bank added that it has mandated Arab Banking Corporation, First Abu Dhabi Bank and Standard Chartered Bank as the Initial Mandated Lead Arrangers and Bookrunners to arrange this term loan facility.

“In line with RAKBank’s strategic plan to diversify its product offering to better serve the needs of the customers and enhance shareholder value, the bank has increased its focus on treasury, corporate and institutional business,” it said in the statement.

RAKBank is rated Baa 1 (stable) by Moody’s and BBB+ (stable) by Fitch Ratings.

The bank has its focus on purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the bank increased its lending in the traditional SME, commercial and corporate segment in recent years.

The bank also offers Islamic banking solutions, via rakislamic, throughout its 38 branches and its telephone and digital banking channels.

RAKBank shares closed 1.08 per cent higher on Tuesday to close at Dh4.7 on Abu Dhabi bourse.

RAKBank partners with Invoice Bazaar

DUBAI: The National Bank of Ras Al Khaimah (RAKBank) has announced a strategic partnership with Invoice Bazaar, a Fintech Supply Chain Finance platform in the UAE.

The partnership allows RAKBank to participate as a ‘Receivable Purchaser’ on Supply Chain Finance transactions originated by Invoice Bazaar on its platform. RAKBank is the first bank in the Middle East to have partnered with a Fintech Platform for enhancing the bank’s offering to the SME clientele. Invoice Bazaar’s supply chain finance platform, connects large buyers with SME suppliers that enables SME suppliers to avail early payment on their receivables. The liquidity towards early payments is provided by receivable purchasers.