Largest Iraqi bank to become semi-private company

The Iraqi revolutionary leadership council decided to transfer the Pioneers Bank, the largest official bank in Iraq, into a public company as a preliminary step for transferring it into a mixed private and public company instead of public company.

Meanwhile, Iraqi economic sources today told ArabicNews.com that the decision taken by the revolutionary leadership council, Iraq's highest legislative authority, dictates the transfer of the bank to a public sharing company, subject to private business law in Iraq, self-financed and with an independent board of directors, pointing out that the country's holdings in the bank will be 51%.

According to the new law, the Pioneers Bank will offer all banking services in addition to exchange of foreign currencies taken in by some of its branches since 1993.