The National Bank of Iraq (NBI) was founded in 1995 as a publicly traded, private sector company, offering comprehensive banking services to individuals and businesses in Iraq.

As a result of the Bank’s success and to fuel future growth, its paid up capital was increased from the initial 400 million IQD (USD 361,000) to IQD 250 billion (USD 215 million) in December 2013.

In 2005, Capital Bank Jordan acquired majority shares (61.85%) in NBI, allowing the Bank to expand its business offerings, strengthen its global footprint and help promote financial inclusion across the country. With its extensive network of correspondent banks, Capital Bank stands as NBI’s gateway to international financial markets, facilitating internal and external remittances, granting lines of credit, as well as offering a full range of trade finance services.

One of the Group’s key goals is to promote open and honest dialogue regarding the challenges companies are facing with local private banks, and present an opportunity to generate ideas for elevating the sector overall. We believe that private banks have a very important role to play and should continue to increase their efforts in working with the Central Bank of Iraq and the well-established government banks in order to strengthen the banking sector in Iraq going forward. This is also relevant when talking about a platform that also offers individuals and employees living in Iraq with the banking services required to facilitate their daily needs.

Strategy and Service Offering

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, we are able to offer global access to funds and a comprehensive set of banking services to facilitate banking needs on the ground. We continuously look to our clients for feedback and work on customizing our service offering to suit their specific needs.

Services that distinguish NBI include:

  • Dedicated VIP Corporate Relationship Management team, giving access to senior managers and decision makers. Clients will have an experienced corporate RM team to manage their day to day banking needs and execute transactions from any location. The team can also offer customized solutions to facilitate payroll, cash management or other requirements on the ground, including the option of placing ATM’s in strategic offsite locations or campsites for clients with large payroll requirements.
  • Ability to interact and execute transactions electronically, whereas transfers, payroll, FX, payments for GCT/ Social Security are accepted via email instructions, SMS and Fax as long as the request is made by an authorized individual. NBI also offers internet and mobile banking for account viewing and monitoring, and is working on expanding the online service offering to include transfers and other transaction-based capabilities in coordination with the Central Bank of Iraq.
  • Strategic partnership with key international banks in Iraq and relationships with a wide range of global banks through Capital Bank of Jordan’s correspondent network, giving clients the flexibility to transfer to the location of their choosing with fast turnaround times. NBI also offers Western Union services through its branch network.
  • Focus on providing corporate clients with indirect facilities and trade finance solutions. The Group has an experienced team that works on structuring and providing customized proposals to facilitate project and operational requirements.
  • Focus on enhancing retail offering in line with the Iraqi Government’s efforts to promote financial inclusion within the country. NBI offers salaried customers with postpaid and prepaid Visa cards, as well as a range of retail credit facilities and account options.

NBI is constantly expanding and modernizing its branch and ATM network in Iraq, noting that we 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 our clients.

Beyond commercial banking:

The Group has a long-term strategy and commitment to Iraq and believes in the importance of facilitating business operations to allow companies to cut costs and operate more efficiently on the ground. Through our deeply rooted network, our value can extend well beyond the commercial banking angle and are always looking to establish partnerships and explore opportunities to contribute to the growth of the Iraqi economy.

The Group 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. Our investment offering also includes a wide range of advisory services in M&A, investment structuring and debt raising or restructuring.

Shareholding Structure and Compliance

Capital Bank of Jordan is currently NBI’s major shareholder, with a 61.85% share, offering significant support to NBI’s operations and offering experienced personnel and banking solutions while assuring adherence to international compliance and service standards. The major shareholders in Capital Bank include the Social Security Corporation, the International Finance Corporation in addition to prominent business leaders including the Darwazeh Group, the Nuqul Group and the Al Salem Group.

Cairo Amman Bank which is one of Jordan’s leading banks owns 10% of NBI, therefore further reinforcing the bank’s access, offering and operations. The remaining shareholding structure includes a list of reputable and well-respected organizations and individuals apart from a minor floating share in the market.

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.

Capital Bank Group works very hard to ensure that international compliance, risk management, control and governance standards are implemented. The shareholders will always prioritize sustainable growth in order to support the long-term commitment to contribute to Iraq’s future.

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