| 2008: $600 million profits for Al-Rafidein Bank |
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March 10, 2008 Director-General of Al-Rafidein governmental bank, Abdul Hussein Al-Yasiri, has said that the efforts "Focus now on the restructuring of the bank to develop it and bring it to the ranks of global banks, especially since it was among the best one hundred bank in the world." He pointed out that it profits "Exceeded 722 billion dinars (About $600 million dollars) last year, at an increase of 125% from 2006." Al-Yasiri pointed out that the bank is about to complete linking its branches with each other and then with the rest of the world's banks, to facilitate the process of transferring the amounts received from the international banks to Iraq and vice versa. He pointed out that the cost of this project agreed upon with the British company "Maes" amounted to $10 million dollars. He announced that the bank "occupied %70 of the area of banking operations in Iraq and the loans it granted have increased %100." The losses of the bank resulted from the looting during the fall of the former regime in 2003 reached 476 billion dinars, and its blocked deposits hit $800 million in many States." Source: Iraq Directory |