About

Credit Bank of Iraq was originally set up in 1998 by traditional Iraqi merchant families with a paid up capital of IQD 250,000,000,000 before the bank was listed on Iraq stock exchange in 2004. NBK was one of the original three banks to be granted a license to operate in Iraq and later in 2005 the first bank to successfully complete the purchase of an Iraqi bank. In 2005, when NBK acquired its 84.3% stake in Credit Bank of Iraq, it also increased the bank's capital. NBK helped develop Credit Bank of Iraq and advance it to be one of the top private banks in Iraq. In 2019, National Bank of Kuwait increased its stake to 91% of the bank's shares.

Today, Credit Bank of Iraq offers a range of services for retail customers, as well as transfer and trade finance services for local companies and contractors. Project finance services can be offered for international companies operating in Iraq, after getting an approval from the Central Bank of Iraq. Credit Bank of Iraq's branch network includes the main branch in Baghdad, and one in each of the following governorates: Basra (An important Commercial Center for Oil Companies), Erbil (The capital of the Kurdistan region). As communications and security continue to improve, Credit Bank of Iraq is working to widen its product offering and increase its reach.

Credit Bank of Iraq strives to provide a superior level of service that continuously exceeds client expectations through a highly skilled and talented team to best maximize shareholder value.

Transparency

Credit Bank of Iraq is committed to the principle of transparency for dealing with all stakeholders, interested parties and internally between departments and individuals within the organization. This commitment positions the bank prominently within the Iraqi banking sector.

Fairness and Equality in the Workplace

The bank values its employees, supports their professional development, emphasizes delegation, encourages initiative, and believes that a fair performance management system is necessary for improving efficiency and creating opportunities for employees to advance. Promoting young talent is a priority based on their performance. Every employee shapes his path within the organization through dedication and sense of responsibility. 

Healthy Work Environment

The bank aims to develop a work environment culture that:

• Reduces the risk of failure in managing daily banking operations within departments, minimizing exposure to penalties and reputation risk
• Supports achieving productive and profitable goals among employees
• Ensures respect and cooperation among employees and towards customers
• Encourages healthy communication between colleagues and customers to ensure satisfactory task completion and rejects any disrespectful communication methods, whether through email, phone or conversations
• Activates service level agreements between departments and commits to completing specific tasks within agreed-upon timeframes to ensure a quality customer service
• Encourages follow-up and ensures task completion

Information Confidentiality

Confidential information includes non-public information that may be useful and valuable to competitors. This includes information about the bank that is unknown to the public, its clients, or other related parties. Information that could harm the bank or its clients if disclosed. Strict confidentiality must be maintained for both confidential information and ownership-related information obtained by employees through their daily work. This clause is a condition included in the employment contract; any violation will be subject to legal and disciplinary actions outlined in the bank’s Human Resources policy.

Integrity

The employees of Credit Bank of Iraq are responsible for maintaining the bank's reputation through ethical behavior, fairness, and sense of responsibility in all interactions. The bank's policy is to protect its good reputation all the time, and commit to the values of the organization in all correspondences with customers, regulators, shareholders, colleagues… to fully commit to serving customers with utmost sincerity and integrity.

Responsibility

Taking the responsibility of conserving the bank's policies, financial status and reputation and to comply with Central Bank of Iraq requirements, as well as other regulatory bodies and respecting applicable laws.

Social Sustainability

Contributing in social and environmental initiatives to achieve sustainability.

Credit Bank of Iraq aims to enhance its presence in the Iraqi banking sector more effectively in the upcoming years and solidify its principles and values through a strategic plan that includes the following activities:

Management of available cash assets and utilization in income-generating assets:

• Provide banking solutions for local and international companies through credit facilities and cash liquidity management
• Expand the customers’ base and attract new deposits from both corporate and individuals, offer banking solutions to utilize available liquidity and savings, provide diverse term deposit products with various terms to meet customer needs
• Professional management of the human capital to ensure a healthy work environment, invest in available talents as per the bank's strategy and needs

Corporate Banking

The bank’s Strategic Direction is to onboard and offer banking services to international and major local companies, increase corporate customers’ base, build and develop relationships with regional and international suppliers and contractors interested in contributing to the reconstruction of Iraq.

Trade Finance

Offer trade finance services for National Bank of Kuwait Group customers, who are interested in investment opportunities inside Iraq. 

Use National Bank of Kuwait international network for inward cash flows, especially through National Bank of Kuwait branches in China and Singapore, in addition to Kuwait, United Arab Emirates, and Kingdom of Saudi Arabia, by providing direct and indirect credit facilities.

Strategic Direction for Financial Institutions

Leverage National Bank of Kuwait network and its A+ long-term credit rating to acquire more business and establish relationships with international banks and other local banks that have regional partnerships. 

Conduct a credit rating for Credit Bank of Iraq by a global rating agency, which will facilitate dealing with government entities for issuing and accommodating their trade finance transactions. 

Increase the term deposit base through quasi-governmental entities and financial institutions/banks operating in Iraq.