National Bank of Kuwait raised its stake in Credit Bank of Iraq

November 2, 2014 15:04 Source: Iraq Stock Exchange

The session on Sunday, 2 Novmbertniv contract for the sale and purchase of the Iraq Stock Exchange, between the International Finance Corporation – a member of the World Bank Group – as a salesman and National Bank of Kuwait – one of the most prestigious and oldest financial and banking institutions in the Gulf region – a buyer, was the deal on Iraqi Credit Bank shares, according to the rules and instructions of the Iraqi market. The number of shares traded 8.3 billion shares valued at more than 14 billion dinars at a price of JD seven hundred and sixty fils per share, which is the first contract implements these specifications and conditions since the launch of the new trading system, X-stream on October 26, 2014 and executed the deal broker Credit Corporation – one of the companies Iraq brokerage market securities. And founded the Credit Bank of Iraq in 1998 by counting d people of Iraqi merchant families of ancient and with a capital of 200 million Iraqi dinars before to include the bank in the stock market in the year 2004. The National Bank of Kuwait Vhoahd first three foreign banks granted a license to work in Iraq, and it was his prized in 2005 as the first bank to acquire Iraqi bank is Credit Bank of Iraq, and was baptized National Bank of Kuwait has claimed to be the dominant share of up to 75% in the Credit Bank of Iraq to increase the bank’s capital and contribute to the strengthening of its capabilities so that it assume a leading position among private banks in Iraq. “while the International Finance Corporation (IFC) is a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in the developing countries of the world. The organization, which was established in 1956, owned by the member countries 184’s who decide together policies. This allows work in more than 100 developing countries for companies and financial institutions in emerging markets: creating jobs, and achieve tax revenues, improve corporate governance and environmental performance, and contribute to the communities in which it operates.


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