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Licensing Requirements for Foreign Banks in Iraq

Foreign banks wishing to operate in Iraq must comply with the licensing requirements set forth by the Central Bank of Iraq (CBI). This section outlines the key points that foreign banks need to consider when applying for a license.

Key Points: Licensing and Capital Requirements

• Licensing: Foreign banks must obtain a license from the CBI to operate in Iraq. Establishing a branch or representative office also requires a prior permit from the CBI.
• Capital Requirements: A subsidiary of a foreign-owned bank must have at least 50 billion dinars of capital, with no restrictions on where that capital can be invested.

Ownership Limitations and Foreign Investment

• Limitations: There is a limit of six licenses for banks controlled by foreign persons until December 31, 2008. After this date, there is no limit to the number of such licenses.
• Foreign Ownership: Foreigners can own up to 50% of an existing or new domestic bank without counting towards the license limitation.

Consolidated Supervision

• A foreign bank’s subsidiary in Iraq must be subject to consolidated supervision by a supervisory authority in its home country.

Application Process and Documentation Requirements

The text outlines specific requirements for applying for a banking license, including submitting detailed documentation and information about the applicant company, its administrators, owners, and financial statements.