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Bank of Baghdad was established as an Iraqi Private Stock Company on 18 February 1992, with an initial capital of IQD 100 million, and commenced exchange business on 12 September 1992.
Until September 25, 1998, Bank of Baghdad only practiced commercial banking. Thereafter, the Bank’s articles of Association were amended by the Central Bank of Iraq, whereby it was allowed to practice full and comprehensive banking services. As a result, the bank witnessed expansion and capital increases year after year.
United Gulf Bank and Iraq Holding Company became significant shareholders in 2005; the capital grew more significantly allowing the organization to expand its international banking operations inside and outside Iraq.
A management agreement took place in 2006 between United Gulf Bank and the Board of Directors entrusting UGB to manage the bank.
In 2009, Burgan Bank acquired United Gulf Bank’s stake to become the largest shareholder. The valuable participation of these shareholders strengthened the position of the Bank to diversify into international banking with focus on technology and competitive services.
Bank of Baghdad received the official final approval from both the Central Bank of Lebanon and Central Bank of Iraq in July 2010 to open a full operating branch in Lebanon. This will provide stronger links to Iraq for international business operations and act as a regional hub for our continued capability expansion.
Bank of Baghdad Beirut Branch will be officially opened in November 2010.