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RAK Bank to convert govt deposit to capital

Dubai, March 16, 2009

RAK Bank will seek shareholder approval to convert emergency federal deposits made last year to stave off the financial crisis into regulatory capital, the bank said in a statement.

RAK Bank, or The National Bank of Ras al-Khaimah, will seek shareholder approval for the move at an extraordinary meeting on April 8, according to the statement posted on the bourse website.

Other banks pursuing similar moves are the National Bank of Abu Dhabi and Emirates NBD. - Reuters




Tags: capital | RAK Bank |

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