According to Al-Hayat newspaper, as a first step toward executing the partnership agreements signed amongst Iraqi, Arab and foreign banks, the Al-Ahli Al-Iraqi Bank (National Bank of Iraq) started to issue stocks for subscription equivalent to 120% of the bank's capital. The bank, which had doubled its ID1 billion capital by 450%, also issued bonus stocks for the shareholders.
Mr. Ahmed Zaki, Director of the Bank, said that the bank's capital will grow from ID 1 billion to ID 25 billion after completing this stock issuance. He added that this step is very important to activating the partnership with the Bank of
Jordan and to develop the banking and credit systems in Iraq.
© 2005 Mena Report (www.menareport.com)
