National Bank of Ras Al Khaimah (RakBank) said on Wednesday it was cutting up to 250 expatriate staff from the bank and its partners as part of a plan to raise business efficiency.

The statement follows a Reuters report about job losses at the bank on Sunday.

In Wednesday's statement the bank said it had recently re-entered wholesale banking and was significantly raising its headcount and product offering in the space, alongside its existing products and services. – Reuters