Saudi Arab National Bank to invest $38mln in new Iraqi bank

Arab National Bank (ANB) is set to invest $38 million in setting up the new Arab Bank Iraq, after getting regulatory approval from the Central Bank of Iraq.

ANB’s new investment in Iraq is in collaboration with Arab Bank Plc, and ANB will be owning 20 percent of the Arab Bank Iraq’s capital, said Saudi Exchange in a statement.

The move will facilitate and support trade exchange for ANB’s customers, diversify income sources and get into new markets, the statement added.