ANB nods to co-establish Arab Bank of Iraq with 20% stake

Logo of Arab National Bank

Arab National Bank's (ANB) board of directors, upon obtaining the regulatory approvals, gave the go-ahead for investing with the bank’s strategic partner Arab Bank Plc (a related party) to establish Arab Bank of Iraq (a private joint stock company in Iraq), according to a statement to Tadawul.

ANB will own 20% of the new bank’s capital, or $38.2 million, said the bank, adding that Arab Bank has obtained a preliminary approval from the Central Bank of Iraq to establish the Arab Bank of Iraq.

The investment aims to facilitate and support trade exchange for the bank‘s customers, diversify its income sources and enter into new promising markets for the benefit of the bank and its shareholders equity, the statement said.

It added that the related financial impact cannot be determined at present, noting that Arab Bank is a related party.