Rakbank, a UAE based retail bank, has opened a new branch in Dragon Mart Shopping Center, Dubai.
According to the Rakbank, the new branch will have dedicated SME unit, to cater the local businesses. It also offers a range of loan and deposit services for SMEs, including finance through collateral-free loans, without the need for placement of deposits or assets as financial guarantees.
The branch also hosts a dedicated team of Chinese relationship managers to facilitate communication with Chinese customer.
In addition, the new Rakbank branch will offer a range of conventional personal services that include Rakbank account, deposit and investment options as well as personal, auto and mortgage loans, and a suite of credit cards.
Rakbank general manager Graham Honeybill said the new bank presence aims to widen the limited banking options currently available in the area and to strengthen the relationship the bank has built with the Chinese community over the years.
Rakbank Head of Business Finance Pritam Mirchandani said SMEs are always looking for credit in order to sustain and grow business especially in the UAE market where SMEs make up the majority of businesses in the country.
"The new specialized SME center within the Dragon Mart branch will help to address those needs and offer practical and convenient solutions to the numerous surrounding businesses," Mirchandani said.