Sumer Bank Overview

Sumer Commercial Bank (PSC) is a private Shareholding Company business established on 26th of May 1999, with a capital of ID. 400 million, fully paid as per Central Bank of Iraq license No. S.A/10/9/1124 dated 4th of Nov.1999, to practice all types of banking activities.

The Bank increased its capital successively to reach ID. (250,000,000,000) Two Hundred Fifty Billion, the Bank has (7) Branches in Baghdad. And other three Branches in Erbil, Basra and Najaf.

Sumer Commercial Bank seeks to have a role in the developing activities of Iraq economy in the frame of government policy to collect small capitals into deposits and accounts and reinvest them into various investment fields and commercial banking operations, with the banking system and other investment sectors. The bank also pays great attention to international banking, such as money transfer from and to Iraq, issuing Letter of Credits and Guarantees.

The Bank is governed by (7) members Board of Directors headed by Mr. Khalil Kh. Al-Jummaily as Chairman, and Mr. Fouad Hamza Al-Saeed as Managing Director.

Since 2000 the bank established specialized bureau in dealing with stocks and shares and been a member of the Iraqi stock market. In 2008 this was changed to a specialized company called "Al-Sharqiya Brokerage Company", with initial capital of ID. 500 million.

The bank has two departments for Small and Medium Enterprises (SME) which provide a finance for such projects at a low interest rates.

The bank has a specialized department for buying and selling foreign currencies.

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