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Don't Miss Out Be a Pioneer

2012-10-01

 

 

   Nozad Dawood Fattah Al- jaff , Chairman of North Bank

 

" Don't Miss Out , Be A Pioneer "

Demand For North Bank's range of services spans small bsinesses to multinationals.

 

Nozad Dawood Fattah Al-Jaff, Chairman of North Bank, says that banking in Iraq has undergone a sea change since 2003 , When priavte sector banking burst onto the scene. Since then. according to the chairman of what is today one of the most reputable banks in the country, many new financial institutions have experienced a series a stops and starts as the burgeoning industry blossmed beyond their capacity-growing pains that North Bank managed to avoid.

" We are now on of the most diversified banks in Iraq, With approximately 8% of our shareholders from NYSE and hedge funds from Finland, Egypt, Jordan, Kuwait, the Emirates and other Parts of the World ".

NOZAD DAWOOD FATTAH AL-JAFF

Chairman Of North Bank

"private banking is new because up until 2003 we had a completely scialist system. After  2003 a lot of steps were taken to encourage the private sector. Banks were opend by people here with the resources to so. The Capital was quite modest though, And little by little they realized that these were not family businesses that they could manage. They then tried to diversify their shareholders, But a lot of them did not want to relinquish control so they remainded small," .. He Explains

 

Founded in April 2004 By a number of prominent shareholders, many of whom ere established businessmen throughout the region, North Bank "Never Took This Approch" and has been successfully targeting have private sevtor for the past eight years. Mr. Al-Jaff continues: "We are now one of the most diversified banks in Iraq, With approximately 8% of our shareholders from NYSE and hedge funds from Finland, Egypt, Jordan, Kuwait, The Emirates and other parts of the world".

 

North Bank's Success in building it's business was reflected in 45% increase in deposits it registered in the first half of this year, bringing total deposits to 917 billion Iraqi Dinars (787$Million). Lending was also up by 27%, With  corporate loans representing roughly 80% of this.

In addition  to specializing in SME Loans ranging from 100,000$ To 500,000$ , The bank also does significant business with international companies operating in the Iraqi Oil Sector and other industries.

"There are other international companies like Samsung, Nokia and Kodak, that deal with us because they need a way to transfer their money in and out of the country so they use our services", Mr.Al-Jaff says. In addition to a range of traditional retail prducts, these services include accounts in both Iraqi dinars and U.S. Dollars, as well as loans in both currencies, and the issuance of internal and external guarantee letters for both currencies.

 

With paid-up capital of 210 Billion Iraqi Dinars (180$ Million), making it the most well-capitalized bank in Iraq, North Bank today boasts 17 branches  across  the country including Baghdad. It also has four branches  in Kurdistan in Erbil, Duhok, Suleymaniah and Kirkuk.

 

"The majority of our large shareholders are of Kurdish Orgin, But we have a very good relationship with Baghdad. I believe we have a great deal of potential and eventually we would like to be recognized as one of the largest financial institutions in the region," Concludes The Chairman, adding that investors lookin to the regional market should wait no longer. "Don't miss out-be a pioneer."

 

A UNITED WORLD SUPPLEMENT PRDUCED BY:

Idil Demirel, William Palmer, Jimena Navarra, Alvaro Aguillo, Carmine George and Marta De Basilio

A SPECIAL THANKS TO:

Mr. Herish Muharam, Ms. Agustina Bellosla, Mr. Ibrahim Rashid, Mr. Sawri Nabi and Ms. Dilan Barwary

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