Iraqi National Bank Acquires International Insurance Company: A Strategic Move for Expansion
The Iraqi National Bank has officially announced its acquisition of the International Insurance Company, having secured all necessary approvals from the Central Bank. This significant development reflects the bank’s commitment to expanding its financial services portfolio.
In a statement, the bank outlined that the acquisition aligns with its strategic objectives aimed at enhancing service delivery. The integration process is expected to commence in the second quarter of this year, bringing new capabilities to the bank’s operations.
Ayman Abu Dahim, the appointed director of the Iraqi National Bank, characterized the acquisition as a pivotal move in its growth strategy. He emphasized, "The acquisition of the International Insurance Company is a crucial step toward strengthening our financial system and enabling us to deliver integrated insurance products that meet the diverse needs of our clients."
Abu Dahim further elaborated on the advantages of this acquisition, stating, "This strategic decision empowers us to offer comprehensive financial solutions that amalgamate banking and insurance services, thereby simplifying access to integrated financial products that not only support our customers’ aspirations but also provide necessary financial security." He added that this initiative is set to enhance the Iraqi National Bank’s market position while creating new avenues for growth and innovation within both the banking and insurance sectors.
Continuing its focus on customer service, Abu Dahim reassured stakeholders that the bank will maintain high standards of service and quality, reinforcing its status as a leading financial institution in Iraq.
Currently, the Iraqi National Bank boasts assets valued at approximately 5.2 trillion Iraqi dinars, with a network comprising 33 branches and 300 ATMs, catering to a customer base exceeding 400,000.
This strategic acquisition underscores the Iraqi National Bank’s ambition to evolve and expand, positioning itself as a prominent player in the financial landscape of Iraq.
