EY to Advise Iraq on Banking and Insurance Reforms

By John Lee.

The Iraqi Cabinet has approved a series of contracts with UK-based professional services firm Ernst & Young (EY), aimed at reforming Iraq's banking and insurance sectors:

1. The first contract involves a comprehensive study on the restructuring of the state-owned Rafidain Bank and Rasheed Bank, with recommendations and a roadmap expected within six months;
2. The second contract entails studying the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into a single entity, with Ernst & Young providing expertise and recommendations, and determining the time period required for the merger and the mechanism for transferring balances to the new bank;
3. The third contract involves the examination of merging the National Insurance Company with the Iraqi Insurance Company [Iraqi General Insurance Company?] with recommendations on the process and the transfer of funds to a new entity.

(Source: Media Office of the Prime Minister)