RAK Bank said that 250 expatriate staff will leave the bank. The bank said that headcount had grown by 600 in the past three years on the back of significant increase in business volume, which has now settled at a more sustainable level. CEO Peter England said that there was significant duplication in the past, with two separate teams servicing SME clients. The teams have been merged under a new SME unit as part of retail banking. RAK Bank said that there was no change made to business strategy. The bank had recently re-entered the wholesale banking space and it has been significantly increasing its product offerings and headcount in this segment, which is set to continue throughout 2016. (Bloomberg)