Abu Dhabi –Mubasher: The National Bank of Ras Al Khaimah (RAKBank) said it has signed a five-year group credit protection agreement with RAK Insurance.

Under the agreement, the bank will cater a financial protection programme to their borrowers and credit card holders in emergencies, according to a press release.

The lender, listed on the Abu Dhabi Securities Exchange (ADX), also revealed that this agreement is supported by Munich Re, one of the world’s leading reinsurers.

Peter England, the CEO of RAKBANK, said: “This collaboration is supporting the growth in our Personal Banking unit, improving our diversification efforts and leveraging RAK Insurance’s local and Munich Re’s international expertise.”

For his part, Ewen McRobbie, RAK Insurance CEO, commented: “RAK Insurance is delighted to sign this five-year agreement with RAKBANK and Munich Re.  It underpins our intention as a member of RAKBANK Group to work jointly towards providing quality services that benefit RAKBANK customers”.

Last week, RAKBANK announced it had paid back the nominal amount of $681.67 million on its RAKFunding Cayman Ltd. five-year $800 million bond matured on 24 June 2019.

In April 2019, RAKBANK had issued $500 million bond through RAKFunding Cayman Ltd.

In June, Fitch Ratings had affirmed RAKBANK’s long-term issuer default rating (IDR) at 'BBB+' with a stable outlook.

RAKBank previously reported a 32% year-on-year growth in net profits for the first quarter of 2019, recording AED 269.7 million from AED 204 million in Q1-18.