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RAKBank doubles foreign ownership limit

UAE lender, RAKBank has said it have received the official approval to increase its foreign ownership level to 40%, Gulf Today has reported. The bank had been running very close to the old 20% limit for some months now, said RAKBank’s CEO, Peter England. Foreign interest has picked up very strongly as a result of the UAE’s inclusion in the MSCI Emerging markets index, as well as the bank’s active engagement with foreign investors in recent months, he said.