RAK ICC and Rakbank Partner to Strengthen Banking Access for International Wealth Community
RAK International Corporate Centre (RAK ICC) has partnered with Rakbank to expand banking access for its growing international wealth community, offering registered companies and foundations a more streamlined route to dedicated banking support in the UAE.
Under a Memorandum of Understanding (MoU), Rakbank will become one of RAK ICC’s preferred banking partners and provide dedicated resources to RAK ICC clients seeking to open bank accounts for their entities.
Partnership to Support International Investors and Families
The collaboration brings together RAK ICC, the UAE’s jurisdiction focused on private wealth structuring, and Rakbank, a UAE bank serving private and SME banking customers.
RAK ICC represents a growing international community spanning more than 160 nationalities, including investors, families, companies and foundations using its structures to manage private wealth and commercial interests across different jurisdictions.
The new partnership is intended to provide these clients with greater access to banking options and dedicated banking expertise, helping connect their corporate, investment and wealth structures with banking services in the UAE.
The MoU was signed by Sandra Louw, Chief Executive Officer of RAK ICC, and Vishal Shah, Managing Director and Head of Business Banking Group at Rakbank, during a signing ceremony held on August 20.
Focus on Banking Beyond Incorporation
Sandra Louw said the partnership reflects RAK ICC's focus on supporting clients beyond the establishment of their corporate structures.
“As our international wealth community continues to grow, we are focused on building an ecosystem that supports our clients beyond incorporation,” Louw said. She added that access to banking is an important component of managing corporate, investment and wealth structures, particularly for families and investors with interests across multiple markets.
For international investors and families, banking relationships can form an important part of structures established for holding investments, managing assets and coordinating interests across jurisdictions.
Rakbank to Provide Dedicated Banking Support
Vishal Shah said the partnership would help entrepreneurs, businesses, investors and families access banking solutions while combining digital services with relationship-based support.
According to Shah, the collaboration with RAK ICC will make it easier for its international community to access dedicated banking assistance while benefiting from digital capabilities and banking expertise.
He said the partnership also supports the UAE's position as a destination for business, investment and private wealth.
RAK ICC's Wealth Structuring Services
RAK ICC provides corporate and wealth structuring solutions for global investors and families through companies, holding structures and foundations.
These structures can be used for a range of purposes, including holding shares in UAE and international companies, managing global investments and asset portfolios, holding real estate, succession and wealth planning, and establishing local and international banking relationships.
The partnership with Rakbank adds another banking option for clients using RAK ICC structures as they manage their commercial and wealth interests.
Bank Accounts Remain Subject to Due Diligence
While the partnership is intended to streamline access to dedicated banking support, opening an account is not automatic.
Applications for bank accounts will remain subject to Rakbank's applicable eligibility criteria, compliance procedures and due-diligence requirements.
The partnership therefore provides an additional pathway to banking support for eligible RAK ICC clients while maintaining the bank's existing regulatory and compliance requirements.
