LEARN ABOUT OUR STORY
Welcome to Economy Bank
Above all, we believe that real change is possible and that tomorrow doesn’t have to be like today.
The Economy Bank for Investment and Finance was established in 1999 with a capital of (200) million Iraqi dinars to contribute to economic development by revitalizing the productive, agricultural, commercial and industrial sectors through the practice of commercial and investment banking and financing activities under the supervision and control of the Central Bank of Iraq through its branches and offices, which exceeded (75) branches and offices inside Iraq.
In light of the new management and the new shareholders of the bank and in compliance with the decisions and instructions of the Central Bank of Iraq, it was approved to increase the capital according to the meeting of the General Assembly of the Bank of Economy on 4/4/2017 to become (250) billion Iraqi dinars in a desire for the new administration to enhance the position of the bank and settle and correct all legal and financial situations By following up on legal issues and financial obligations on the bank or in its favor, owed by management and previous shareholders.
Emphasizing the bank’s current desire to enhance citizens’ confidence in the private banking sector and elevate the bank to provide comprehensive and pioneering financial products, solutions and services, and to strengthen the bank’s capital base, cash reserves and total property rights, the bank is currently adopting and applying the most accurate standards and guidelines issued by the Central Bank of Iraq and applying sound foundations of institutional governance and the principle of Transparency in disclosure and compliance with the relevant Iraqi laws in force. It also complies with all international financial and economic laws such as (FATCA) laws, anti-money laundering laws and international agreements such as combating terrorism financing and refraining from dealing with any suspicious entity or subject to international or local sanctions, and the bank seeks to upgrade the classification granted to it. With a grade of (C) by the Central Bank of Iraq to obtain an international rating for credit after the bank’s credit plans. The bank has also prepared the final accounts for the year (2007) in accordance with international accounting standards and is seeking to complete the signing of an audit contract with one of the major auditing companies.
In the bank, we adopt a number of core values that define the features of our daily business and provide a general framework that regulates our dealings with customers on the one hand, and employees on the other.
The first idea of the new shareholders and the Board of Directors began with the development and application of the highest domestic and international banking and supervisory standards and practices that would lead the bank to the deserved prestigious position as one of the best commercial banks in Iraq by achieving our vision and mission and implementing our core values, which are simply that we seek to serve our customers within The highest standards of professionalism, sustainability, maximum flexibility and friendliness.
great importance to our employees
power of knowledge
We strive and work seriously through high-caliber and modern technologies to make the Economy Bank for Investment and Finance the leading bank in Iraq through a focused strategy that brings together the best experiences that work to improve the current reality of the bank and achieve the desired transformation by fulfilling all our commitments and starting towards a new beginning that meets the ambition. Iraqi society and our valued customers, and achieving the highest shareholder value.
The philosophy of the Economy Bank is embodied in this transitional stage by striving to achieve the highest standards of transparency, disclosure and compliance, preserving the rights of shareholders and depositors, and fulfilling the obligations arising from the previous administration in the first place in addition to obtaining the rights of the bank.
The commitment and advance planning emanating from our principles and established values stemming from our philosophy have enabled the bank to achieve settlements and satisfaction with (regulatory and governmental bodies, customers and shareholders of the bank) by adopting balanced and successful financial policies.
Our Future Vision
To be the first and best choice to provide advanced and dynamic banking solutions designed to meet the needs of our valued customers with the aim of rebuilding and enhancing citizen confidence in the private banking sector. And to be a leading bank in providing investment banking services by keeping pace with development and innovation in providing technical services, paying attention to customers and serving them through a functional team with experience and high professional competence.
Expanding and developing
Expanding and developing the base of correspondent banks, financial services and ceilings with regional and international banks.
Providing advanced and pioneering treasury services and investments through dealing in foreign currencies, trading in securities, financial derivatives, certificates of deposit, and advisory services in global markets.
Providing integrated credit services to companies and individuals, and later to small and medium enterprises.
comprehensive and diversified
Increasing comprehensive and diversified outlets and branches covering all strategic and vital areas within the capital and the governorates, and ensuring the provision of distinguished banking services.
Reactivating and increasing the number of ATMs and updating electronic card services.
advanced electronic distribution channel services
Opening advanced electronic distribution channel services such as E-Banking, cellular banking and short message service, in addition to a telephone customer service center.