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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Jordan Kuwait Bank buys about 52% of the shares of the Bank of Baghdad

    Rocky
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    The Jordan Kuwait Bank buys about 52% of the shares of the Bank of Baghdad Empty The Jordan Kuwait Bank buys about 52% of the shares of the Bank of Baghdad

    Post by Rocky Thu 12 Jan 2023, 5:26 am

    [size=30]The Jordan Kuwait Bank buys about 52% of the shares of the Bank of Baghdad[/size]

    2023-01-11

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    Yassin Iraq: Follow-up

    The Jordan Kuwait Bank announced the completion of the approval of the Central Bank of Jordan, the Central Bank of Iraq and other regulatory authorities in both countries to purchase a stake of 51.79% of the shares constituting the capital of the Bank of Baghdad-Iraq. The purchase is expected to be implemented within a short period.
    Jordan Kuwait Bank intends, after obtaining regulatory approvals, to issue Tier 1 capital bonds (additional capital) with a maximum amount of 85 million Jordanian dinars or its equivalent in US dollars.
    On this occasion, Nasser Al-Lawzi, Chairman of the Board of Directors of Jordan Kuwait Bank, stated, “This step comes in implementation of the bank’s strategy to enhance performance and financial position, in addition to expanding regionally in a way that will contribute to diversifying the bank’s revenue sources.” Al-Lawzi expressed his appreciation to the Central Bank of Jordan for their efforts, high professionalism, and keenness to improve the performance and status of the Jordanian banking system, to the Securities Commission and the Amman Stock Exchange, for their efforts and their appreciated role in enhancing confidence in investment and protecting investors, and to the Central Bank of Iraq, the bank’s management, and the legal and financial advisors for the efforts that have been made in order to Complete the deal.
    Mr. Haitham Al-Batikhi, Executive General Manager of Jordan Kuwait Bank, added, “I extend my sincere thanks to the shareholders for their trust in us, especially our strategic partners, Kuwait Projects Company Holding – KIPCO (Kuwait), Social Security Investment Fund (Jordan), and Odyssey Reinsurance Company (United States). American), which is a subsidiary of Fairfax Financial Holdings, who own 50.9%, 21.04%, and 5.85% of the bank’s capital, respectively, for their support and cooperation, stressing our keenness to invest strategic and practical relations with them in a way that allows more business exchange and opportunities between us and the members of the group. Based on the commercial depth and the historically close Jordanian-Iraqi relations between the two peoples and the two countries, Jordan Kuwait Bank is looking forward, through this deal, to serving the markets of Jordan and Iraq. ”
    Note that the Bank of Baghdad is a public shareholding company listed on the Iraq Stock Exchange, with a paid-up capital of 250 billion Iraqi dinars (equivalent to 170 million US dollars). It is a member of the Kuwait Projects Company (Holding) KIPCO Group, which includes nine partner banks: Jordan Kuwait Bank Jordan, Bank of Baghdad - Iraq, Bank of Syria and the Gulf - Syria, Gulf Bank Algeria - Algeria, Tunis International Bank - Tunisia, Burgan Bank - Kuwait, Burgan Bank - Turkey, FIMBank - Malta, and United Gulf Bank - Bahrain.
    And the Bank of Baghdad has developed, with prudent management, from a local bank to a global bank during the past years, and it is considered one of the largest private commercial banks in Iraq in terms of the volume of assets, as its assets exceed the equivalent of one billion dollars, and it is also one of the highest profitable Iraqi banks, and its network of branches covers It has 36 branches in most of the cities and governorates of Iraq.
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