National Bank of Ras Al Khaimah (RAKBANK) obtained the ministerial approval to increase the foreign ownership level to 40%, according to Arabian Business.

Peter England, RAKBANK’s CEO, said that the bank had been running very close to the old 20 per cent limit for some months now. Foreign interest has picked up very strongly, he explained, 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.