An earlier decision to combine Iraq’s Agricultural, Industrial, and Real Estate Banks has been rethought by the Cabinet.
The Cabinet approved a contract with the UK-based professional services firm Ernst & Young (EY) to investigate the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] at the beginning of 2024. into a single entity, Ernst & Young determining the period necessary for the merger and the method for transferring balances to the new bank, providing expertise and recommendations.
Only the Real Estate Bank and the Agricultural Bank will merge as a result of this week’s decision, and the Ministry of Finance will be in charge of making the Industrial Bank a joint-stock company.
The Industrial Bank’s assets will be evaluated by Ernst & Young, according to a statement from the Prime Minister’s Office, and these modifications will be incorporated into the current contract with EY.
Additionally, the Trade Bank of Iraq (TBI) received approval from the Cabinet for a 500 billion dinar (382 million USD) capital increase funded by profits.
