Bahrain UGB invests in Iraq bank

MANAMA — The United Gulf Bank (UGB) of Bahrain, has completed investment in Iraq's Bank of Baghdad in a joint venture with Iraq Holding Company, a Kuwaiti fund established by Global Investment House.

By A Staff Reporter

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Published: Wed 16 Nov 2005, 9:56 AM

Last updated: Thu 2 Apr 2015, 5:17 PM

Bank of Baghdad, established in 1992, is among the top performing private banks in Iraq, and is listed on the Iraq Stock Exchange. It has a network of 20 branches, including 10 branches in Baghdad, and plans to expand its branch network to cover several new areas of the country.

The new investment increases Bank of Baghdad's capital tenfold from ID5.280 billion ($3.6 million) to ID52.973 billion ($ 36 million). UGB ownership stands at 39.1 per cent; Iraq Holding Company 9.9 per cent; and existing Iraqi shareholders 51 per cent.

The participation of UGB and Iraq Holding Company will enable Bank of Baghdad to capitalise on future opportunities.

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