The National Bank of Iraq (NBI), a leader in providing innovative corporate and retail banking services in Iraq, announced that it has completed the acquisition of Bank Audi full operations in Iraq. The acquisition was finalized based on an agreement that was signed by the two banks.
In Iraq, Bank Audi wrapped up business at all five branches on March 11, 2021, transferring operations to the National Bank of Iraq by the end of the day, with all information related to clients’ account details and products seamlessly transferred in the process. Existing customer credit and debit cards given to clients will continue to work as normal upon completion of the transfer.
At the end of 2020, Capital Bank Group and Bank Audi signed the final agreement for Capital Bank Group’s acquisition of Bank Audi's branches, assets, and liabilities in Jordan, while NBI, a subsidiary of Capital Bank Group, will acquire Bank Audi branches in Iraq, and buy their assets and liabilities.
According to the acquisition agreement, Bank Audi's branches and ATMs will be rebranded to join the NBI’s network as of March 14, 2021. The branches will continue to provide services and products to clients as usual and by the same Bank Audi staff, while client information and account data of Bank Audi's clients will be seamlessly transferred to NBI pursuant to all legal requirements and NBI’s public policy safeguarding data.
The Chairman of Capital Bank Group, and Chairman of NBI, Bassem Khalil Al-Salem noted that the acquisition is a significant step in the group's expansion strategy and its ambitious plans to further reinforce its position in key markets, maximizing its economic and investment impact. He added that the group will seek to augment benefits from future growth opportunities and advance its operations in Iraq, which is a strategic market with significant investment opportunities.
Al-Salem also expressed his appreciation for the efforts undertaken by the Central Bank of Iraq Governor Mustafa Ghaleb, as well as his deputies and General Managers, noting that their support has guaranteed the success of the acquisition in record time.
NBI CEO Ayman Abu Dhaim spoke of the importance of the acquisition, which is the first of its kind in the Iraqi banking sector, adding that it will further reinforce the bank’s position and increase its market share. He went on to say that NBI will continue offering innovative digital banking products and services to meet the needs of both the retail and corporate segments of its growing client base.
The acquisition of Bank Audi is part of Capital Bank Group's expansion and development strategy, and will see NBI’s branches grow to 18, which is directly in line with its long-term performance development and digital transformation goals that will ensure continued speed, accuracy, and the highest levels of client satisfaction.