Mansour Bank launched in Iraq (25/09/05)

This week saw the launch of Mansour Bank, initially capitalised at $38.5 million, 90 per cent of which was subscribed in the majority by private Iraqi investors and 10 per cent through an IPO. The recently completed IPO was 15 times oversubscribed, while since its issue shares have risen by 300 per cent in the 'gray' market.

Mansour Bank was launched this week

Qatar National Bank (QNB), the largest bank in the State of Qatar, has taken a substantial minority interest and has claimed a seat on the new board.

MerchantBridge, which has offices in London, Bahrain and Baghdad and forms strategic alliances with international partners in Europe, the US and Australasia, has worked with the founding committee to identify the opportunity, establish the concept and attract suitable Iraqi and non-Iraqi shareholders, according to the bank.

Ali Sherif Al Emadi, acting chief executive of QNB, said: "The bank's policy is to build selective strategic partnerships in the region. This fulfils QNB's commitment to its shareholders and customers to strengthen the bank's presence in Qatar and abroad. Being part of Mansour Bank in Iraq is a step in this direction."

Al Emadi continued: "QNB will provide staff training, banking technology and support. The initial business focus will be on Baghdad and a few other major cities, allowing the new bank to start building a strong brand name."

Basil Al-Rahim, managing director of MerchantBridge, said that Iraq needs a modern banking sector. "Soon, Mansour Bank will be able to provide Iraqis with modern and extremely high quality banking services," he asserted.

Source: Khaleej Times