Arab Bank Group Gains Approval To Relaunch Operations In Iraq Starting 2024
Business Iraq Jawad Al-Samarraie December 30, 2024
Arab Bank Group Relaunch In Iraq Baghdad (IraqiNews.com) – Arab Bank Group has received final approval from the Iraqi Central Bank on December 24, 2024, to relaunch its banking operations in Iraq.
The bank is set to begin its official activities in the new year, marking a significant development in the Iraqi financial landscape.
This move highlights Arab Bank’s ambition to expand its footprint in the Arab region and strengthen external investments, making Iraq a pivotal market in its broader strategy.
Arab Bank’s History And Legacy
Arab Bank’s approval to operate in Iraq brings back an institution that has a rich legacy in the country.
The bank previously operated four branches in Iraq from 1945 to 1964, serving as a cornerstone for Iraq’s financial development during that time.
Arab Bank was founded in 1930 by Abdul Hameed Shoman in Jerusalem, Palestine, with an initial capital of £15,000 and seven shareholders.
Following the events of 1948, the bank moved its headquarters to Amman, Jordan, where it became a publicly traded company.
During the 1940s and 1950s, Arab Bank expanded rapidly, establishing 43 branches across the Arab world and beyond.
In 1961, the bank achieved another milestone by becoming the first Arab financial institution to establish a presence in Switzerland.
Today, Arab Bank operates over 500 branches worldwide, making it one of the most influential financial institutions in the region.
A Promising Step For Iraq’s Banking Sector
The re-entry of Arab Bank into Iraq signifies the increasing appeal of Iraq’s financial market to international and regional investors.
The bank’s presence is expected to enhance the Iraqi banking sector by introducing modern financial practices and fostering increased economic activity.
This development not only strengthens Iraq’s financial infrastructure but also provides a gateway for other Arab and global institutions to invest in the country.
Looking Ahead
Arab Bank’s return to Iraq marks a promising step forward for the country’s banking and economic development.
As Iraq continues to rebuild and attract foreign investment, Arab Bank’s role will be critical in fostering financial collaboration and regional integration.
https://www.iraqinews.com/business/arab-bank-relaunches-iraq-2024/
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