Arab National Bank (ANB) will invest $38.2 million to set up “Arab Bank Iraq” after obtaining regulatory approval from the Central Bank of Iraq.

The Saudi lender will own 20% of the new bank’s capital.

The investment in the new venture will be made in collaboration with Arab Bank Plc, the bank said in a statement published on the Saudi Exchange.

The statement said the move will facilitate and support trade exchange for ANB’s customers, diversify income sources, and foray into new markets.

(Editing by Brinda Darasha;