Cabinet approves establishment of new bank
Cabinet approves establishment of new bank
2025-01-14
Monday, the Council of Ministers approved the establishment of a new bank in the form of a joint-stock company.
Al-Sudani’s office said in a statement that “within the framework of banking reform measures, the Council of Ministers approved the following in Monday’s session:
1. Establishing a new joint-stock bank that relies on the latest technologies, and aims to be a partner with companies and businessmen, whether inside or outside Iraq, and to provide financial and banking services to individuals through an integrated digital experience, and to be a leading bank at the regional level.
2. Naming the bank as the First Rafidain Bank.
3. The bank’s capital shall be (1) trillion Iraqi dinars, and the state’s contribution (government sector, public sector and individuals) shall be (24%) of the nominal capital.
4. The bank shall start with a paid-up capital of no less than (500) billion dinars.
5. Maintaining Rafidain Bank as a financial and basic gateway for implementing all government transactions, while continuing to work on its structure with Rashid Bank through a roadmap for developing Rafidain Bank in coordination with the contracted consulting company, Ernst & Young.
6. Authorizing the Central Bank to contract with a consulting company to establish the new bank, and to provide support in the various founding operations of the bank, its formations and departments.
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