Credit Bank of Iraq was originally set up in 1998 by traditional Iraqi merchant families with a paid up capital of IQD 250,000,000,000 before the bank was listed on Iraq stock exchange in 2004. NBK was one of the original three banks to be granted a license to operate in Iraq and later in 2005 the first bank to successfully complete the purchase of an Iraqi bank. In 2005, when NBK acquired its 84.3% stake in Credit Bank of Iraq, it also increased the bank's capital. NBK helped develop Credit Bank of Iraq and advance it to be one of the top private banks in Iraq.Today, Credit Bank of Iraq offers a range of services for retail customers, as well as transfer and trade finance services for local companies and contractors. Project finance services can be offered for international companies operating in Iraq, after getting an approval from the Central Bank of Iraq. Credit Bank of Iraq's branch network includes 2 branches in Baghdad (including business center in Hay Al-Mansour premises in Mansour quarter), and one in each of the following governorates: Basra(An important Commercial Center for Oil Companies), Erbil (The capital of the Kurdistan region). As communications and security continue to improve, Credit Bank of Iraq is working to widen its product offering and increase its reach.