Rakbank opens new branch in Mussafah, Abu Dhabi

The first of these has opened this week in Mussafah, servicing individuals and businesses in the area and housing a dedicated center for SMEs.

Located in a bustling industrial zone populated with small and medium sized organisations, the Rakbank Mussafah branch predominantly caters to businesses in the neighborhood that are looking for financial solutions which suit their requirements. The bank offers a range of loan and deposit services for SMEs, including finance up to Dhs500,000 through collateral-free loans, without the need for placement of deposits or assets as financial guarantees.

The Mussafah branch also offers a wide range of services for individuals, from accounts, deposits and investment options to credit cards and personal, auto and mortgage loans.

Graham Honeybill, General Manager of Rakbank, said:

"Expanding the branch network is part of Rakbank's plans to raise its profile in Abu Dhabi over the next few years. Having established itself as a highly active and visible retail bank in the Northern Emirates and Dubai across a variety of financial products, the bank aims to broaden its reach within the UAE and gain a similarly strong footing in Abu Dhabi."

He also added, "SMEs are looking for credit now more than ever in order to sustain and grow business in a more difficult market environment. The new specialized SME centre within the Musaffah branch will help to address those needs and offer practical and convenient solutions to the thousands of neighbouring businesses."

Two more branches will be opened in the capital by end of this year, and an additional five the following year, which will bring the total number to 10 in Abu Dhabi by end of 2010. The bank currently has 27 branches across the UAE.