The National Bank of Iraq (NBI) has become the latest member of the Iraq Britain Business Council (IBBC).

In a statement, the IBBC said it is delighted to welcome one of Iraq’s preeminent private sector banking organisations to join its growing financial and professional services sector table.

NBI was founded in 1995 as a publicly traded, private sector company offering comprehensive banking services to individuals and businesses. NBI’s paid up capital was increased to IQD 250 Billion (USD 215 million) in December 2013.

NBI has been consistently growing in size and capabilities to serve Iraqi citizens with the highest quality financial services. NBI’s strategy revolves around offering a unique value proposition to multinationals and large corporates looking for professional commercial banking services in Iraq, as well as a solid platform for individuals to interact with. As a Jordan based Group, they are able to offer global access to funds and a comprehensive set of banking services to facilitate banking needs on the ground.

NBI is constantly expanding and modernizing its branch and ATM network in Iraq and are currently the only bank that has a branch in North Rumaila (Basra) and are in the process of opening new branches in Kathimiyya and Jameela in Baghdad and a new technologically advanced branch in Basra. NBI is also heavily investing in advancing its electronic channels and overall technological capabilities in order further modernize the banking process and offer a seamless banking experience to their clients.

NBI offers full-fledged investment banking, wealth management and brokerage services through its sister companies in Jordan, UAE and Iraq. The UAE subsidiary acts as the main gateway for multinationals and GCC based clients looking to raise growth capital or connect with local partners and enter into joint ventures for business expansion or new projects across Iraq. NBI’s investment offering also includes a wide range of advisory services in M&A, investment structuring and debt raising or restructuring.

NBI is regulated by the Central Bank of Iraq and publicly traded on the Iraq Stock Exchange It implements stringent international anti-money laundering and compliance regulations, and is also one of the few banks in Iraq to implement International Financial Reporting Standards (IFRS), with PWC as its external auditor.

(Source: IBBC)

By John Lee.

The National Bank of Iraq plans to open five more branches in Iraq by the end of this year, in what Reuters described as a sign that there is still money to be made in much of the country despite civil war and low oil prices.

Vice-chairman Ayman Abu-Dhaim told the news agency that two of the branches will be in Baghdad, and one near the Rumaila oilfield, adding:

“Iraq is a strategic investment for us…If one can achieve this in the current conditions, imagine what one could do when the problems are solved.”

He estimated that business in the Iraqi banking sector has fallen 20 percent because of the conflict and the fall in oil prices since last June.

Reuters reports that the banks’s net income before tax in the first quarter of this year jumped 51 percent year-on-year to 2.94 billion Iraqi dinars ($2.5 million), while operating income rose 9 percent. Total assets increased 26 percent to 646.71 billion Iraqi dinars.

The bank is 62-percent owned by Jordan’s Capital Bank, and currently has nine branches in Iraq, including two in the Kurdistan region.

(Source: Reuters)

Agreements for the sale of 10% of the shares of National Bank of Iraq Signed Capital Bank of Jordan, who owns a majority stake in the National Bank of Iraq, partnership agreements to sell about 10% of the shares of “dolphins” to the Cairo Amman Bank, and 5% for the Palestine Telecommunications Company “PALTEL”, and […]