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 on Monday.
RAK Bank, or The National Bank of Ras Al Khaimah, will seek approval for the move at an extraordinary shareholder meeting on April 8, according to the statement posted on the bourse website.
Other banks pursuing similar moves are top lenders the National Bank of Abu Dhabi and Emirates NBD.
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