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Central Bank: Approval of converting the Industrial Bank into a joint stock company
April 14, 2024
Baghdad/Iraq Observer
The Central Bank of Iraq confirmed its approval of the Council of Ministers’ decision to transform the Industrial Bank into a public joint stock company with the contribution of local and external investors, indicating that the second phase will include the Agricultural Cooperative Bank.
The Banking Supervision Department stated through a document obtained by Iraq Observer, which stated:
You refer to the meetings that took place with His Excellency the Prime Minister in the presence of His Excellency the Governor of the Central Bank and His Excellency the Minister of Finance regarding the decision of the Council of Ministers held on 1/2/2024, paragraph (2) thereof, The proposed idea of converting your bank into a public joint stock company with the contribution of local and external investors, and for the second stage to include the Agricultural Cooperative Bank, explains to you the new plan regarding your bank and other government banks as follows:
1- Rafidain Bank is being structured by dividing it into two banks,
the old with government accounts, and
the new with the status of a commercial bank and a public joint-stock company.
2- After that, Al-Rasheed Bank will be merged with the new Al-Rafidain Bank
3- The Industrial Bank will be transformed into a public joint stock company, after which the
Agricultural Cooperative Bank will be acquired
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
https://observeriraq.net/wp-content/uploads/2024/04/83214df8-b305-4dcf-8c53-d59279db75e1-620x1024.jpg
https://observeriraq.net/البنك-المركزي-الموافقة-على-تحويل-المص/
April 14, 2024
Baghdad/Iraq Observer
The Central Bank of Iraq confirmed its approval of the Council of Ministers’ decision to transform the Industrial Bank into a public joint stock company with the contribution of local and external investors, indicating that the second phase will include the Agricultural Cooperative Bank.
The Banking Supervision Department stated through a document obtained by Iraq Observer, which stated:
You refer to the meetings that took place with His Excellency the Prime Minister in the presence of His Excellency the Governor of the Central Bank and His Excellency the Minister of Finance regarding the decision of the Council of Ministers held on 1/2/2024, paragraph (2) thereof, The proposed idea of converting your bank into a public joint stock company with the contribution of local and external investors, and for the second stage to include the Agricultural Cooperative Bank, explains to you the new plan regarding your bank and other government banks as follows:
1- Rafidain Bank is being structured by dividing it into two banks,
the old with government accounts, and
the new with the status of a commercial bank and a public joint-stock company.
2- After that, Al-Rasheed Bank will be merged with the new Al-Rafidain Bank
3- The Industrial Bank will be transformed into a public joint stock company, after which the
Agricultural Cooperative Bank will be acquired
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
https://observeriraq.net/wp-content/uploads/2024/04/83214df8-b305-4dcf-8c53-d59279db75e1-620x1024.jpg
https://observeriraq.net/البنك-المركزي-الموافقة-على-تحويل-المص/
