By John Lee. Under the auspices of Prime Minister Mohammed Shia' al-Sudani, a memorandum of cooperation was signed today between the Trade Bank of Iraq (TBI) and the Japan International Cooperation Agency (JICA), attended by Deputy Prime Minister and Minister of Planning Mohammed Tamim, and the Prime Minister's Technical Advisor Mohammed Sahib al-Daraji. The agreement […]
By John Lee. Fitch Ratings has affirmed Trade Bank of Iraq's (TBI) Long-Term Issuer Default Rating (IDR) at 'CCC+', Short-Term IDR at 'C' and Government Support Rating (GSR) at 'ccc+'. Fitch has removed the Stable Outlook on TBI's Long-Term IDR, which was previously published in error. It says the rating reflects, "the absence of any […]
By John Lee. Prime Minister Mohammed Shia al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday, during his visit to the Washington DC. During the meeting, they discussed the government's efforts in implementing financial and banking reforms, aiming to revitalize the economic situation and achieve development. They also […]
By John Lee. Fitch Ratings has assigned Cihan Bank for Islamic Investment and Finance P.S.C (Cihan) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects the weak operating environment, the bank's weak franchise, volatile business model, high risk appetite, including a high share of financial […]
By John Lee. The Prime Minister of the Kurdistan Regional Government (KRG) has held a meeting with a delegation from the banking sector, including Jordan Kuwait Bank and the Bank of Baghdad. According to a statement from the KRG, the meeting focused on potential collaborations and projects to enhance the banking infrastructure and spur economic […]
From Tasnim, under a Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The chairman of the Iran-Iraq Joint Chamber of Commerce said banking officials from the two countries are keen to expand the monetary and banking relations. There is not any […]
By John Lee. In Davos, Iraqi Prime Minister Mohammed Shia Al-Sudani met with Mr. Khaled Haballah, the Regional CEO of J.P. Morgan (JPMorgan Chase) for the Middle East and North Africa. The meeting focused on exploring cooperation opportunities in financial areas, including opening accounts for Iraqi banks. Discussions also touched upon the potential participation of […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has presided over a meeting with representatives from Ernst & Young (EY), specializing in auditing and financial consulting. The preliminary draft of the company's plan for restructuring the state-owned Rafidain Bank was discussed. According to a statement from the Prime Minister's office, he emphasized the need […]
By John Lee. The National Bank of Iraq (NBI) has announced the introduction of three new banking systems. According to Izzidin Abusalameh, Group Chief Operating Officer of Capital Bank of Jordan (majority shareholder of NBI), trade finance operations will be enhanced with the help of software from UK-based Finastra. Additionally, both NBI and Capital Bank […]
By John Lee. Fitch Ratings has affirmed Gulf Commercial Bank (GCB)'s Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects a weak operating environment, the bank's weak franchise and volatile business model, high risk appetite, including still high related-party lending, and weak asset quality and profitability." […]
By John Lee. Fitch Ratings has affirmed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'RD' (Restricted Default) and Viability Rating (VR) at 'f'. Fitch has also withdrawn the bank's ratings. It says that, before the rating withdrawal, SCB's IDRs reflected the Central Bank of Iraq's (CBI) intervention, which […]
By John Lee. Fitch Ratings has affirmed Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. More details here. (Source: Fitch Ratings)
