Listed on the Abu Dhabi Securities Exchange, RAKBANK is majority owned by the Ras al-Khaimah government, with several members of the ruling family sitting on the board.
The lender has had a turbulent few months after admitting to losing Dhs17.4 million in a U.S.-based cyber attack at the end of last year.
Then earlier this month the proposed new chief executive, Ian Larkin, resigned from the post within his first six weeks on the job as he prepared to takeover from outgoing CEO Graham Honeybill. At the time of writing, the lender has not announced its new chief executive.