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Cooperative bank branch in Iraq to be established by Iranian bank

The executive Manager of the Iranian Iqtisad Niween Bank, Hassan Mutamadi, assured that his bank "established the Regional Cooperation Bank in Iraq with investment participation of 68% from Iranian and Iraqi investors."
Mutamadi said during a meeting over setting political policies for the Iraqi- Iranian trade relations on Tuesday "The investment size of establishing the bank reached IQD 150 billion which values $ 120 million," noting "The bank will have branches in different Iraqi provinces besides two branches in Baghdad and another in Tehran."
Mutamadi confirmed that "The bank, similar to the Iraqi banking establishments, faces many challenges including security challenges."
Updated 13 Dec 2014 | Soruce: AIN | By S.Seal
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