VOL. XLVII

No 07

16-February-2004

IRAQ RECONSTRUCTION

Iraqs Rafidain Bank Looks To Restructuring, Possible Privatization

Iraqs largest bank, the state-owned Rafidain Bank, is looking at plans for restructuring which include laying off one third of its 7,300 strong workforce, and computerizing its 170 branches. The bank holds 75% of the countrys deposit base and had a virtual monopoly of the governments banking business before the fall of Saddam Husains regime in 2003. However, it is weighed by...