The National Bank of Ras Al Khaimah (RakBank) said it has won approval from shareholders to increase the limit of its Euro Medium Term Notes (EMTN) program from $500 million to $1 billion.

In a statement posted on the Abu Dhabi Securities Exchange (ADX) website, RakBank said the investors gave the nod for EMTN hike at its Extraordinary general assembly meeting held on Tuesday at Cove Rotana in Ras Al Khaimah.

'The increase is subject to article 180 of the Federal companies law number 8 for the year 1984 and obtaining the approval of the competent authorities before issuance,' said the bank, which is 52.75 per cent owned by the Government of Ras Al-Khaimah.-TradeArabia News Service