The National Bank of Iraq (NBI) was established in 1995 as a publically traded private sector company to deliver a comprehensive array of banking solutions to the Iraqi market. As a result of the Bank’s success and growth, and despite the economic turbulence within the Iraqi market, the Bank’s paid up capital was increased in June of 2009 to reach IQD 50 billion (USD 43 million).

Capital Bank is a major shareholder in NBI with a 72.3% share, representing the first partnership between an Iraqi bank and any other foreign entity in 2004. The partnership resulted in a number of positive outcomes including the enhancement and strengthening of NBI’s position in the Iraqi market, in addition to the high credit ceilings that are provided by Capital Bank to support NBI.

Through Capital Bank’s network of correspondent banks, NBI provides internal transfer services in the Iraqi dinar and US dollar. It also provides external transfer services to all parts of the world and in all major currencies, in addition to domestic and foreign bonds, and LCs for incoming and outgoing amounts. The Bank also corresponds with foreign banks with regards to transferring clients’ assets in foreign banks to their accounts in NBI through Capital Bank.

In cooperation with Capital Investments, Capital Bank’s investment arm, NBI can trade on behalf of its clients in international markets.

NBI also trades on behalf of its clients’ in the Baghdad Stock Exchange through its wholly-owned subsidiary company Wahat Al-Nakheel. Furthermore, the Bank purchases transfers from the Iraqi Central Bank’s auction on behalf of clients, and offers loans in all forms including loans for large and small projects, housing loans, car loans, and personal loans.

NBI has an ambitious vision towards expanding its operations and enhancing the level of its services on a number of fronts. The Bank’s future development plans include the issuance of Master Card credit cards and e-banking services.

NBI’s network of branches include five branches across Iraq including the Main Branch in Baghdad on Sadoon St. , one in Mosul, Karbala, Raghiba Khatoun, and New Baghdad. In addition to two branches currently being set up in Basra and in Arbil, Kurdistan.

It is also worth noting that Capital Bank practices all its operations according to International Accounting Standards. The Bank audits all its accounts through Ernst and Young Jordan in order to preserve the highest level of business operations that are not only in accordance with but also exceed customer’s needs and expectations.

Homepage: www.nbirq.com