Q: When was Union Bank of Iraq established?
A: UBI was established in 2002.
Q: What are the banking services offered by Union Bank of Iraq?
A: UBI offers a wide range of banking services to help you manage your finances with ease. Whether you’re an Iraqi citizen or a foreigner, we offer current accounts, saving accounts, and accept deposits in both Iraqi and foreign currencies. We also offer local transfers and bills, as well as incoming and outgoing international transfers in US dollars and other foreign currencies. As a broker, we can assist you in selling and purchasing foreign currencies, and we offer internal and external guarantee letters for all purposes. Additionally, we provide bank credit facilities, including loans, syndicated credit letters of guarantee, and real estate guarantees, as well as investment portfolio management services.
Q: What are the benefits of opening a current or savings account with UBI?
A: By opening a current or savings account with UBI, you can enjoy the benefits of saving 8% in dinars and 2% in dollars. To open an account, you need to present personal documents, including your passport and a photo, and attend in person.
Q: What are the requirements for companies to open a current or savings account with UBI?
A: Companies can also benefit from saving 8% in dinars and 2% in dollars by opening a current or savings account with UBI. To do so, they need to submit the company’s Articles of Association, Memorandum of Association, Certificate of Incorporation, and Financial Statements of the Company, as well as the authorized director’s documents.
Q: Does UBI provide international transfer services?
A: Yes, UBI offers incoming and outgoing international transfers in US dollars and other foreign currencies, as well as external conversion services all over the world.
Q: Does UBI offer loans to small and medium enterprises?
A: Yes, UBI provides loans to small and medium enterprises for the youth and workers sector, requiring documentary documents and guarantees.
Q: Does UBI provide investment portfolio management services?
A: Yes, UBI offers investment portfolio management services, allowing customers to buy and sell shares in the Iraqi Stock Exchange. Customers must submit their documents and authorize the company to facilitate these transactions.
Q: Can I buy and sell foreign currencies through UBI
A: Yes, UBI facilitates the buying and selling of foreign currencies through entry. The bank sells the dollar through the currency sale window in the Central Bank of Iraq, according to Central Bank regulations. Customers must present a valid passport and travel card to buy the dollar. The bank also offers its services to banking and commercial companies, requiring different documents such as a commercial contract, certificate of origin, import license, customs clearance, and tax clearance.
Q: What are UBI’s strategies and ambitions?
A: In addition to its successful performance, UBI prioritizes being close to its customers by expanding its branch network to provide banking services. The bank plans to open branches in Sulaymaniyah, Dohuk, Nineveh, Salahuddin, Kirkuk, Babylon, Muthanna, and other areas of Baghdad. UBI’s career is built on several principles, including understanding its limits in facing competition, anticipating future trends in technology and customer business, operating with clarity, flexibility, and avoiding bureaucracy and routine, working as one team with strong leadership, encouraging free information flow among work groups, motivating employees in a modern way, and complying with