ICB Grants Licences to Private Banks for more Branches

The Iraqi Central Bank (ICB) said it is granting licences to "a limited number" of private banks to increase their branches in Iraq.

Deputy governor Muzher Mohammed Saleh said more than 40 banks were granted the licences.

Iraq has about 800 bank branches, and the ICB has required all banks to have at least 250 billion IQD ($215 million) in capital by the end of June.

Warka Bank, which has several branches in Iraq, was recently placed under the guardianship of the ICB following major financial problems.

(Source: AKnews)

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