By John Lee. Rasheed Bank has been authorised to contract Ernst & Young (EY) to carry out financial and banking audit and oversight work, as part of Iraq's banking sector reform programme. The decision was approved on Tuesday during a regular session of the Council of Ministers chaired by Prime Minister Mohammed Shia Al-Sudani. The […]
By John Lee. Discussions have been held on the restructuring of state-owned banks and the insurance sector as part of Iraq's financial reform programme. The meeting took place at the Ministry of Finance under the chairmanship of Minister of Finance Taif Sami Mohammed, with representatives of Ernst & Young, alongside senior officials from the Ministry […]
By Padraig O'Hannelly. Iraq is embarking on a comprehensive restructuring of its banking sector with the assistance of leading international consultancy firms, according to Dr Salih Salman, Advisor to the Iraqi Prime Minister, speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London on Tuesday. The Iraqi government has appointed Ernst & Young […]
By John Lee. Iraq's Ministry of Finance has commissioned global consultancy firm Ernst & Young (EY) to evaluate the performance of state-owned insurance companies affiliated with the Ministry. Finance Minister Taif Sami (pictured) said in a statement to the state-owned Iraqi News Agency (INA) that the move aligns with directives from the Council of Ministers […]
By John Lee. Prime Minister Mohammed S. Al-Sudani chaired a meeting on Sunday to review the reform process for Rafidain Bank and Rasheed Bank, with representatives from Ernst & Young (EY) in attendance. The discussions focused on aligning the banks' operations with international standards, addressing debt repayment mechanisms, and enhancing staff training. The Prime Minister […]
By John Lee. In line with directives from the Ministry of Finance and the Central Bank of Iraq (CBI), Al-Rafidain Bank has announced the launch of the first issuance of national bonds worth IQD 2 trillion [$1.5 billion]. The issuance period runs from February 10 to March 10, 2025. The bonds are available in two […]
By John Lee. The Central Bank of Iraq (CBI) has concluded its first quarterly meetings of 2025 with the US Treasury Department and the Federal Reserve Bank, held in Dubai, UAE, with participation from international auditing and consulting firms EY (Ernst & Young), K2 Integrity (K2i), and Oliver Wyman. Key highlights from the meetings included: […]
By John Lee. Prime Minister Mohammed S. Al-Sudani participated this week in a financial forum held in London during his official visit to the United Kingdom. The event brought together major British financial institutions, representatives of the Iraqi private sector, and government officials from both nations. In his remarks, Prime Minister Al-Sudani emphasized the strategic […]
By John Lee. Prime Minister Mohammed S. Al-Sudani has chaired a meeting with representatives from Ernst & Young (EY) to discuss the development of state-owned banks, focusing on the restructuring of Al Rafidain Bank and Al-Rasheed Bank. The restructuring plan includes comprehensive technical and administrative reforms aimed at enhancing banking services for citizens and businesses. […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting focused on the reform of Iraq's banking sector, particularly Rafidain Bank, with representatives from Ernst & Young (EY) presenting recommendations. Key proposals included updating the bank's legal status, capital structure, and strategy to align with global banking standards. The recommendations will be submitted […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting on Monday focused on comprehensive reforms for Iraq's financial and banking sector, attended by key figures including the Minister of Finance and the Governor of the Central Bank of Iraq (CBI). Al-Sudani stressed the need for stricter oversight of financial transfers and actions […]
By John Lee. Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks. At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into […]
