Economy Update – Baghdad
The Iraqi Al-Ahly Bank has officially announced its acquisition of the International Insurance Company, following the approval from the Central Bank of Iraq.
This strategic acquisition is aligned with the Iraqi National Bank’s broader goal of expanding its financial services portfolio and delivering comprehensive insurance solutions to meet the diverse needs of both individual and corporate clients. The integration of the International Insurance Company is anticipated to occur in the second quarter of this year, further enhancing the array of financial and insurance services available to customers.
Ayman Abu Dahim, the authorized director of the Iraqi National Bank, commented on the acquisition stating, “This move marks a significant milestone in our growth strategy. We aim to bolster our financial system while providing coordinated insurance services that are tailored to the needs of our diverse clientele.”
He added, “This acquisition enables us to offer comprehensive financial solutions that merge banking and insurance services, making it simpler for our customers to access integrated financial products that safeguard their interests.” He further noted that “this initiative will strengthen the Iraqi National Bank’s position in the market and open new avenues for expansion and innovation within both the banking and insurance sectors.”
Abu Dahim emphasized that “the bank will continue to deliver exceptional service and product quality to its clients, solidifying its status as a leading financial institution in Iraq.” The Iraqi National Bank is one of the largest private banks in the country, boasting total assets valued at approximately 5.2 trillion Iraqi dinars and a substantial branch network, including 33 physical locations and 300 ATMs, serving over 400,000 customers.
It is essential to note that the Iraqi National Bank remains committed to enhancing its services and delivering innovative financial solutions to meet customer demands. This acquisition is a continuation of its efforts to fortify the financing and insurance sectors in Iraq, particularly given that the International Insurance Company is a prominent player in the market, offering a wide variety of insurance services excluding life insurance.
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