The programme will have the flexibility for RAKBANK to issue notes in various currencies and maturities with floating or fixed rate coupons. National Bank of Abu Dhabi and Standard Chartered Bank have been appointed Joint Arrangers for the establishment of the programme. These two banks have also been appointed as joint lead managers for the initial tranche under the programme, which is likely to be launched in the 4th Quarter 2005.
According to RAKBANK's General Manager, Graham Honeybill, "The launch of the EMTN programme will help diversify our sources of funding and raise RAKBANK's profile in regional and global debt capital markets. This follows the recent successful listing of RAKBANK's shares in the Abu Dhabi Securities Market."
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RAKBANK announces plans to establish EMTN programme
- United Arab Emirates: Monday, August 29 - 2005 at 15:19
- PRESS RELEASE
The National Bank of Ras Al-Khaimah (P.S.C.) (RAKBANK) announced that it intends to establish a Euro Medium Term Note (EMTN) programme.
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About RAKBANK:RAKBANK offers a wide range of banking products and services in the UAE, mainly in retail banking. It had total assets of AED 6.18 billion as at 30th June 2005, an 18% increase from AED 5.2 billion as at 31 December 2004. The Bank had a record net profit of AED 88.22 million for the half year ended 30 June 2005, a 48% increase over the same period in 2004. RAKBANK listed its shares on the Abu Dhabi Securities Market on 14th August 2005.
Moody's currently rates RAKBANK's Bank Deposits as Baa1/ P-2 with a Bank Financial Strength Rating of D+.
About Standard Chartered:
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered employs 38,000 people in 950 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered is one of the world's most international banks, with employees representing 80 nationalities.
Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market capitalisation.
It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.
Standard Chartered is well-established in growth markets and aims to be the right partner for its customers. The Bank combines deep local knowledge with global capability.
The Bank is trusted across its network for its standard of governance and corporate responsibility as well as its commitment to making a difference in the communities in which it operates.
For further information please contact:
Niall McLoughlin
Head of Corporate Affairs, Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, August 29 - 2005 at 15:19 UAE local time (GMT+4)
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This article was updated on Sun Aug 20 2006.
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