Iraqi National Bank Acquires International Insurance Company
In a significant development, the Iraqi National Bank has announced its acquisition of the International Insurance Company following the approval of all requisite regulations from the Central Bank. This strategic move is in line with the bank’s commitment to expanding its financial services portfolio.
The bank stated that the newly acquired company is slated to commence its operations under the Iraqi National Bank’s umbrella during the second quarter of this year. This initiative aligns with the bank’s overarching strategy aimed at enhancing its service offerings.
Ayman Abu Dahim, the director of the Iraqi National Bank, emphasized the importance of this acquisition, stating, “The acquisition of the International Insurance Company represents a pivotal step in our growth and expansion strategy. Through this initiative, we aim to reinforce our financial system and deliver integrated insurance services that cater to the diverse needs of our clientele.”
He further explained, “This acquisition empowers us to provide comprehensive financial solutions that merge banking and insurance services, making it easier for our customers to access integrated financial products that support their goals and provide the necessary financial protection.” Abu Dahim also highlighted that this step will bolster the bank’s market position while opening new avenues for innovation and growth within both the banking and insurance sectors.
In addition, he emphasized the bank’s commitment to maintaining high service quality, reinforcing its status as a leading financial institution in Iraq.
Financial Overview
The Iraqi National Bank currently boasts assets valued at approximately 5.2 trillion dinars. The bank’s infrastructure consists of 33 branches and 300 ATMs, serving a robust customer base that exceeds 400,000 clients.
