The Arab National Bank (ANB) announced it has obtained the approval to invest in the to-be-launched Arab Bank Iraq, the bank said in a statement published on the Saudi Exchange.
The Saudi bank will invest US$38.2 million to set up “Arab Bank Iraq” after obtaining regulatory approval from the Central Bank of Iraq.
The main goal of the deal is to support trade exchange for the ANB, expand to new markets and diversify its income sources.
The Saudi lender will own 20 per cent of the new bank’s capital.
The investment in the new venture will be made in collaboration with Arab Bank Plc.
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