RAK International Corporate Centre (RAK ICC) has partnered with Rakbank to strengthen banking access for its growing international wealth community, providing registered companies and foundations with a more streamlined pathway to dedicated banking support in the UAE.
The collaboration brings together the UAE’s only jurisdiction focused on private wealth structuring representing more than 160 nationalities, with the country’s leading bank for private and SME banking. Under a Memorandum of Understanding (MoU), Rakbank will become one of RAK ICC’s preferred banking partners, providing dedicated resources to RAK ICC clients to open bank accounts for their entities.
Industry sources added that this MoU provides increased banking options to RAK ICC’s community of investors, families, companies and foundations using RAK ICC to structure, protect and manage private wealth and commercial interests across jurisdictions. By connecting clients with dedicated banking expertise, the partnership supports more seamless interaction between private wealth and commercial interests within an increasingly connected UAE ecosystem.
The MoU was signed by Sandra Louw, Chief Executive Officer of RAK ICC, and Vishal Shah, Managing Director & Head of Business Banking Group at Rakbank, during a signing ceremony held on 20 August.
Sandra Louw, CEO of RAK ICC, said: “As our international wealth community continues to grow, we are focused on building an ecosystem that supports our clients beyond incorporation. Access to banking is an important part of managing corporate, investment and wealth structures, particularly for families and investors with interests across multiple markets.”
Vishal Shah, Managing Director & Head of Business Banking Group at Rakbank, said: “At Rakbank, we are proud to support entrepreneurs, businesses, investors and families with the banking solutions they need to grow and manage their interests with confidence. As a leading SME bank in the UAE, we understand the importance of providing accessible, relationship-led banking backed by digital convenience.
Through this partnership with RAK ICC, we are making it easier for its international community to access dedicated banking support while benefiting from a seamless experience that combines digital capabilities with the human expertise our clients value. This reflects our commitment to being a digital bank with a human touch and supporting the UAE’s position as a leading destination for business, investment and private wealth.”
RAK ICC provides corporate and wealth structuring solutions for global investors, families, through companies, holding structures, and foundations. Its structures can support a range of objectives, including holding shares in UAE and international entities, managing global investments and asset portfolios, holding real estate, succession and wealth planning, and establishing local and international banking relationships.
