Arabic Version Bank Of Baghdad


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Bank of Baghdad… Opening doors to opportunity

Bank of Baghdad (BOB) is a member of KIPCO group and enjoys international banking partnerships throughout the Middle East, North Africa, and further afield to Europe, United States of America, United Kingdom, and China which allows us to provide better regional banking services through sister banks in Kuwait, Bahrain, Jordan, Syria, Algeria and Tunis. Other financial services in the network for Investment and Asset Management are; United Gulf Bank Securities Company (UGBS), Bahrain, United Gulf Financial Services (UGFS), Qatar, KAMCO, Kuwait, Al Dhiyafa, Kuwait, Royal Capital, Abu Dhabi, UAE, North Africa Holding Company, Kuwait, and Manafae Investment Company, Kuwait.

KIPCO Group is one of the largest holding companies in the Middle East and North Africa region, with consolidated assets and substantial ownership interests in a portfolio of over 60 companies operating across 26 countries. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, media, airline, education and management advisory sectors. Furthermore, its financial services interests also include holdings in commercial and investment banking, asset management and insurance companies.

Bank of Baghdad is one of the largest private commercial banks in Iraq, currently with 34 branches and 24 ATMs spread across the country, and with more set to be deployed in the near future. The integration of technology and superior customer focus has helped the bank evolve from a local bank into an international bank over the past several years, and has continued to grow and perform well despite the backdrop of volatile world financial markets, and the domestic instability affecting Iraq's economic development.

Bank of Baghdad enjoyed a significant growth in 2009; the financial position of the Bank increased as of the end of 2009 by 48% compared to the previous year, with a 64% increase in deposits. The increase in the Bank’s net income was re-invested in order to capitalize on future opportunities, thus building a strong capital base of IQD 100 billion for the Bank. During the past year, the bank has implemented a number of improvements to its retail and wholesale banking services, and has embarked on developing the technological foundations of its infrastructure, thus achieving increased performance and productivity throughout its Iraq-wide branch network. BOB has also continued its strategy of attracting corporate business and derived additional asset and liability business from the employees of those corporations, through services that include against salary transfer loans. The ability to provide bundled services and to meet the needs of both international and local corporate clients created a steady growth in commission-based income streams throughout the year. Payroll services and resulting transactional volumes also increased significantly, helped by the growth in the Bank’s nationwide ATM network. The Bank’s retail services generated increased revenue, and through Money Link, our international transfer services grew commensurately. For our business customers we provide commercial and international services to small- and medium-sized businesses and professionals in a variety of industries, including commercial real estate and construction loans, commercial credit facilities, trade finance, as well as consumer services to individuals with a full range of savings and lending activities, residential mortgages, consumer and car loans.

In spite of the difficulties the country continues to face, total credit growth possibilities remain promising for 2010, and the Bank continues to be well positioned and to achieve outstanding growth by focusing on the expansion of its activities and providing international quality of services to its clients.