The International Development Bank has joined IBBC and adds momentum to the Iraqi financial services group at the Council.

The International Development Bank now has the largest banking network in Iraq, with over 250 ATM machines and 5,000 selling points, as well as a massive IT infrastructure to provide various electronic banking services. Through large financial projects in various sectors and a lending portfolio exceeding USD 70 million, the Bank has participated in a large number of institutional and social initiatives that have positively contributed to Iraq’s reconstruction.

With 24 branches and over 600 employees in all governorates in Iraq, from northern to southern Iraq, as well as a representative office in Beirut. The bank made history by becoming the first and only Iraqi bank to be licensed by the UAE Central Bank.

Founded by Chairman Mr Zead Khalaf Abed Kareem, who is also a member of the Board of the United Arab Banks (representing the private and general Iraqi Banking sector), and who is focused on modern Fintech applications for the bank and society.

Mr Kareem says ‘ We are delighted to be joining IBBC as a member, as we can bring additional expertise and insights into Iraqi finance market and banking, as well as engage with both international and national members to grow our footprint and beyond Iraq. In particular we welcome the adoption of modern technologies for our customers and expect to access and deploy fintech more readily through our growing network in IBBC ‘

Mr Christophe Michels, MD of IBBC says; We welcome leading members of Iraq’s banking sector to IBBC, and especially those with forward looking and modernising intentions, such as IDB, who are at the forefront of best practice and modernity for their customers. Our finance group is one of the fastest growing areas and IDB will be great contributors to the momentum for finance among our members’.