Capital Bank of Jordan expands on the Iraqi market
Capital Bank of Jordan expands on the Iraqi market
Wednesday, May 28, 2014 17:40
BAGHDAD / translation Baghdadi News / .. said a senior official in the Capital Bank of Jordan said on Wednesday that he expected continue growing its operations in the Iraqi banking market to contribute about 50 percent of total revenues after three years with the expansion of the Bank’s activities in trade finance and retail, according to the Reuters news agency Mazkrth.
He said Haitham Kamhiyah General Manager of Capital Bank, which owns a majority stake in the National Bank of Iraq’s fourth-largest Iraqi private banks in terms of assets, “the Iraqi banking market promising opportunity in a time where funding is still weak and concentrated its activities in the work of the exchange.”
Capital Bank, which had concentrated its operations in the trade finance market by fierce competition among 24 banks is the first Jordanian bank expands in the Iraqi market through the purchase of a stake in Iraqi bank special. Kamhiyah added in an interview that “the bank intends to increase the number of its branches in Iraq to 20 branches in the next year from eight branches now, and will increase the contribution of its profits in Iraq by the end of 2014 to 25 percent from 20 percent in the past year.
“The target fund traders mainly, especially the trade exchange between Iraq and Jordan, and increase direct funding in all branches.”
Stressing that “the entry of Cairo Amman Bank as a shareholder in the National Bank of Iraq, which has a capital of 215 million dollars will enhance the operations of consumer finance and auto loans because a leader in this sector in Jordan.”
Kamhiyah explained that “the Iraqi market is promising because of the strategic projects worth billions of dollars to modernize the infrastructure and the energy sector in spite of the political turmoil affecting the investment climate.”
He said political tensions affect the bank’s performance, however, investors turned to there, especially Kurdistan and the presence of oil in Basra will increase the chance of the bank for expansion. “Anticipated profit rises Capital Bank, which is the ninth bank in Jordan in terms of assets 25 percent in 2014, with continued growth in interest income and commission income and investment income and facilities and direct financing to the retail side to increase assets and lower provisions. ” Finished / 21 GS
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