Saudi’s Arab National Bank to invest $38 million in Iraq to set up new bank
An Arab National Bank building. Photo: Arab National Bank
Baghdad (IraqiNews.com) – The Arab National Bank will invest $38.2 million, representing a 20 percent share, in setting up the ‘Arab Bank of Iraq,’ after obtaining initial approval from the Central Bank of Iraq (CBI).
The Saudi Arab National Bank intends to invest $38.2 million in establishing a bank in Iraq that will be called the ‘Arab Bank of Iraq,’ and this investment will represent a 20 percent stake in the new bank, according to the Saudi Stock Exchange (Tadawul).
The Arab National Bank indicated that this investment aims to facilitate and support trade exchange for its customers, diversify sources of income, and enter new markets to benefit the bank and the shareholders.
The Arab National Bank, established in Saudi Arabia in 1980, provides banking services to businesses and individuals as well as investment products.
The bank has 140 branches in Saudi Arabia and one branch in the United Kingdom, according to the Saudi Stock Exchange.