National Bank of Iraq

The National Bank of Iraq is a prominent financial institution providing banking and financial services, including personal and business accounts, credit cards, and electronic banking solutions to clients in Iraq and Saudi Arabia. National Bank of Iraq, headquartered in Baghdad, Iraq, was founded in 1995 and focuses on delivering financial services to individual and business customers. The bank has undergone strategic developments to adapt its offerings over the years. The current CEOs are Ayman Dhaim, Mohammad Khater, and Yazeed Abunayyan.

In May 2014, Foursan acquired a minority stake in the bank, reflecting investor interest. The bank has completed a total of 1 deal through its operational history with the most recent deal dated May 1, 2014. The National Bank of Iraq offers a comprehensive suite of financial products including the Tawteen Account, AlNukhba Account, and various credit cards such as Visa Classic, Gold, Platinum, and Infinite. These offerings are designed to provide secure and efficient banking experiences, with features like grace periods on interest and cash withdrawal capabilities.

The bank also provides electronic banking solutions and loyalty programs for its clients, which primarily include individuals and businesses in Iraq and Saudi Arabia, catering to both local residents and expatriates. In 2021, National Bank of Iraq reported a revenue of USD 253. 65 mn, with an EBITDA of USD 131. 57 mn for the same year.

The bank's revenue generation is primarily driven by transaction fees and service charges linked to its financial products, maintaining a steady flow of income through various channels. National Bank of Iraq is focused on expanding its product offerings and geographic reach. Plans include the development of new financial products to be launched in the near future, although specific release dates have not been disclosed. There is a strategy to penetrate additional markets beyond Iraq and Saudi Arabia, although specific targets have not been detailed.

The funding from the minority stake acquisition in May 2014 will support these initiatives, facilitating growth in both product diversification and market expansion.