Fransabank Iraq manages all corporate relationships that have working capital and borrowing needs, as well as corporate customers with multiple product needs/usage. The Bank assists its corporate clients in fulfilling their needs and regularly providing financing solutions to their business demands helping them maintain a balanced and healthy growth process in Iraq

Services:

Fransabank Iraq’s services cover a wide range of economic sectors and are available for small, medium and large enterprises. They include:

1- Short term working capital financing:
-Overdrafts
-Discounting of commercial bills
- Short term loans

2- Project Finance:
-Medium to long term loans
-Syndicated loans

3- Documentary credit and letters of guarantee

The documentary credit is an operation that FRANSABANK Iraq by order and on behalf of its importing clients undertakes to pay to exporting parties in a determinable date(s), a certain amount against a presentation of the strictly complied documents with the terms and conditions of the documentary credit, the applicable provisions of Uniform Customs and Practice for Documentary Credits (UCP 600) and the International Standard Banking Practice (ISBP 745)

Types of Payment in Documentary Credits:

1. LC Available by Payment (at Sight): The issuing bank and/or confirming bank (if any) undertake to pay to the beneficiary at sight against complying presentation at nominated bank counter or at its counters

2. LC Available by Acceptance: The issuing bank and/or confirming bank (if any) undertake to accept a time draft drawn by beneficiary against complying presentation and pay at maturity

3. LC Available by Deferred Payment: The issuing bank and/or confirming bank (if any) undertake to pay at a determined date in the future against complying presentation

4. LC Available by Mixed Payment: The documentary credit can be available simultaneously by payment and by acceptance or by payment and by deferred payment

5. LC Available by Negotiation: in this kind of LC the nominated bank can purchase a time draft maturity (drawn on bank different from the nominated bank) and/or a complying presentation of documents.
The nominated bank is purchasing the said time draft maturity and/or a complying presentation of documents after deducting its interests and commissions, then he send them to the issuing bank claiming for its total value on due date identified in the original LC terms and conditions’.

The letter of guarantee is an irrevocable obligation issued by the FRANSABANK-IRAQ by order of his client (the guaranteed) to pay a sum of money during a specific period of time in favor of a third party (the beneficiary) in the event of non-performance by the guaranteed the purpose that the guarantee has been issued for.

Bid Bond:

This type of guarantee is issued by order of our client (the tenderer) in connection with public sector tenders, as a security to continue with his bid and sign the final contract with a beneficiary. Thus, this kind of guarantee can be considered as a fine for a tenderer and compensation to the beneficiary if such tenderer has been awarded for the subject tender and failed to sign the final contract and submit a performance bond. The value of this kind of guarantee is usually about 5% to 10% of the bid amount.

Performance

Bond:

This guarantee is issued by order of our client after being awarded by the beneficiary tender as a security for the sufficient fulfillment of contractual obligations. The value of this kind of guarantee is usually about 10% of the bid amount.

Advance Payment

Guarantee:

This guarantee is issued by order of our client when the guaranteed needs to receive a down payment from the contract amount that has been already awarded to him by the beneficiary. The beneficiary will only agree to such a down payment after receiving an advance payment guarantee, which ensures repayment of the said advance payment in the event of non-performance of guaranteed obligation. The value of this kind of guarantee is usually 100% of the advance payment amount.

Payment

Guarantee:

This guarantee is issued by order of our client for securing of payment or installment due on the guaranteed in favor of the beneficiary. The value of this kind of guarantee is usually 100% from payment amount or installment amount.

Other guarantees

1- Guarantee for granting a Credit Line: This guarantee is issued by order of our client in coverage for other banks to grant credit facilities to a specific client.

2- Customs Guarantees (clearance): This guarantee is issued by order of our client in favor of custom entities as a security of customs tariff payment.

Term Deposit Account

The Services provided with the Term Deposit account:
• Accounts in Iraqi Dinar or foreign Currencies
• Competitive interest rates, calculated monthly, quarterly, semi-annually or yearly.
• Reimbursement of the balance and the interest amount in case of the closure of the account.

Current

Account

The Services provided with the current Account:
• Benefit from electronic cards
• Order a checkbook.
• Payment of the checks agreed by the Bank and issued on behalf of its clients.

The Bank shall not be liable in case of irregular or illicit use of checks.

AML/CFT Compliance Accounts Management*

Yearly Statistics 2018
The AML/CFT Compliance Accounts Management for the year ending 31/12/2018 shows the following:

•Number of Accounts closed for Money Laundering Risks and Suspicions	-
•Number of Accounts refused business due to their High Risk Classification	3

*As per the Directives of the Central Bank of Iraq.

Baghdad:

Bldg. N0. 48 – Karrada – Baghdad – Iraq - Dr.Salman Faek Street –

Al Wahda district 902 / 14

ATM

Tel (+964) 781 452 6312 - (+964) 771 822 9163
Email: Nader.Khocheich@fransabank.iq

Click here to locate Baghdad Branch

Erbil:

Erbil - Kurdistan Region - Iraq

Street 100 m., facing Cristal Erbil Hotel

ATM

Tel (+964) 771 822 9164 - (+964) 750 760 9118
Email: Omar.Daham@fransabank.iq

Click here to locate Erbil Branch

Head office Baghdad:

Bldg. N0. 48 – Karrada – Baghdad – Iraq - Dr.Salman Faek Street –

Al Wahda district 902 / 14

Tel (+964) 781 452 6312 - (+964) 771 822 9163

Email: info@fransabank.iq
Talal.ElMawla@fransabank.iq
Georges.Salibi@fransabank.iq
Joseph.bousaid@fransabank.iq

For your Feedback / Complaints, contact us on:

Tel (+964) 7724999118 or click here to download the form. Fill it and send it to CPU@fransabank.iq

Download the Complaint Form PDF