Commercial Bank of Iraq (CBIQ), Iraq's first private bank and a subsidiary of Ahli United Bank, has been named 'Best Bank in Iraq 2009' by the influential Global Finance magazine.
This is the first time the New York- based banking publication has included Iraq in its annual Best Banks Awards, making CBIQ the inaugural winner for Iraq.
For its annual survey, Global Finance editors with input from industry analysts, corporate executives and banking consultants select the best banks by region and by country worldwide. Criteria for selecting the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products.
"It is indeed gratifying to be named best bank in Iraq in the first ever country category by Global Finance. This award signifies a double win, for CBIQ as much as for the Iraqi banking sector at large. It recognizes the strides we made toward closing the gap with the international markets after long years of extraordinary conditions, and validates our focused efforts to upgrade our infrastructure and operational capabilities to offer our customers world-class products and services," said Basil Al-Dhahi, Managing Director, CBIQ.
"CBIQ's association with Ahli United Bank has been indispensible for the success of our plans and efforts to raise our operational and technical standards to be at par with international norms. We have been able to leverage the larger Group resources and superior banking infrastructure to the benefit of our customers, both within and outside Iraq," added Mr. Al-Dhahi.
Late last year, CBIQ became the first bank in Iraq to receive a license by MasterCard International to issue credit and debit cards, further re-affirming its leading presence in the Iraq's banking industry.
This is the sixteenth year that Global Finance magazine, one of the banking sector's most respected publications, has selected top banking performers in emerging markets. The report covers best banks in Asia, the Middle East and Africa, Latin America and Central and Eastern Europe.
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© Press Release 2009
