Rafidain Bank plans to reopen its branch in London

The Provisional Liquidators reported that they had completed the asset realizations of Rafidain Bank in the UK and that there were no funds remaining in either the Provisional Liquidation or the Scheme. The Provisional Liquidators will now apply to the English Court to vacate the office, following which they will seek release from liability in relation to the Provisional Liquidation of Rafidain Bank.

Basem Kamal al-Hassani, General Manager of Rafidain Bank said that Rafidain Bank had been the first Arab bank in Europe, founded in 1952 and had played a prominent role in the banking outside Iraq.