Warka Bank recently set up an online banking system which helped increase operating revenues by 9 percent to IQD29 billions in the first quarter of 2009. Operating revenues represent 98% of total revenues, which increased by 6 percent during the first quarter.
Warka Bank is also the first bank in Iraq to implement foreign investment legislation, allowing foreign investors to purchase Iraq stock. The bank now has 10,000 international clients, some of which are also purchasing stock. International investments were also an important driver to the company’s financial growth.
Growth strategy is based on both expanding portfolio of products and services and geographic expansion. Warka is importing 15 thousand POS machines that will be implemented wherever needed throughout the country, in shops, plazas, fuel stations or ministries.
Warka’s expansion strategy is focused on those areas with large construction projects, grants and other funding. These areas offer the biggest opportunities for rapid business growth. In order to keep well informed, the company communicates intensively with branch and area managers.
Warka bank has plans to go international, opening up a branch in Beirut and bank offices in Egypt, Jordan, Turkey and Dubai.
Warka Bank’s expansion has been boosted by the bank’s large presence throughout the country and the responsiveness to evolving market needs. Company representatives believe that one of the success factors is also the fact that they are very independent. Warka Bank is a family-owned company run by one of the richest men in Iraq, Saad S. Al-Bunnia, and the large inflow of capital has allowed the company to refuse all offers from other banks.
The international partnerships are an important step towards the development of the Iraqi banking system and the reintegration within the world’s financial network. The CEO of Warka Bank stated that the company plans to contribute to the overall reconstruction of Iraq as an important financier in many sectors such as water, power, construction and communication.
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Darren Chabluk for http://DrDinar.com/blog
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