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12/06/2012 North Bank


 The Oil and Gas Year


North Bank For Finance and Investment is on of Iraq's largest banks, With market capitalization of ID175 Billion (151$ Million). The bank has placed a strong emphasis on energy projects throughout Iraq and is involved across several investment opportunities offered by Kurdistan Region Of Iraqi's growing economy.

Headquarted in Baghdad, North Bank For Finance and Investment currently has over 17 branches across the country with a prominent presence in Kurdistan Region, Including branches in the main trading and economic centers, Sulaymaniah, Duhok and Erbil. The bank also covers number of governorates in southern Iraq from Mosul to Basra.


ENGERGISED: North Bank For Finance and Investment has been at the center of Kurdistan Region's largest downstream project, The Kalak Refinery. The refienry is located near Erbil and was built by local KAR group, Which also functions as the plant's operator for Kalak refinery's development, North Bank issused guarantees, Loans and Letter Of Credit. In the power generation sector, North Bank has been an active financial istitution issuing loans and guarantees to the region's power plant operators.

Expansions and further development in the local downstream sector are likely to increase in the short term. This already apparent with ongoing phase-3 expansion of the Kalak refinery, as well as the output increase at the Bazian refinery near Sulaymaniah.

Evolutin of the downstream sector is expected to lead platable investments for local enterpreneurs, including industrial useage of perochemicals and the productoin of fertilizers from urea and ammonia. A strong and modern banking system in the Kurdistan Region and the rest of Iraq will indeed approve synergistic to the attainment of the objective and North Bank intends to capitalize on the region's growing energy industry.


North Bank was founded in 2004 in the wake of the US-led invasion, with a starting capital of ID2.5Billion (2.16$Million) in 2005-2010, North Bank reached capitalization of ID125Billion (108$Million), Thus growing its capital base by more than 40 times. In May 2012 The Bank will announce a capital increase of ID210Billion (181$Million), And intends to expand this to ID250Billion (216$Million) by 2013.

The Bank's initial activities prestented the traits of a past-war transitional economy with private banking severly limited during Saddame Hussien's regime, The bank faced limited operational infrastructure and scarcity of a skilled workforce specialized in banking and dealing with economy - with GDP per capita growth levels projected to be at 8 percent over 2010-2015 - Increased stability and higher capital requirements for bank will trigger further international interest and result in consolidation of the banking system.

Iraq's Downstream power generation sectors are two areas of opportunity for long-term financial commitment by local enterpreneurs, Given the encouragin terms of the build-own-operator model, Which has catalyzed rising investment in the erfining sector.


      Nawzad Al-Jaff



       "Hydrocarbons will be major drivers of Iraq's economy and place 

       the country  amongst  the world's top oil producers  and  exporters.

       The modernization of the banking system  will benefit  the oil  industry as

       wel l as  Iraq's economic  diversification. With  the  country's  increasing

       safety  and  the Kurdistan Region's  emergence  as a prime  location for

                                               foreign  direct  investment, Iraq  is set to attract  even more ivestors into

                                               the country."


North Online

North Bank branches spread across Iraq countries.