September 19, 2003: US Administrator in Iraq Signs Law Opening Up Banking Sector to Foreign Companies

US administrator for Iraq Paul Bremer signs Order 40, the “Bank Law,” allowing foreign banks to acquire stakes in formerly state-owned banks. Six foreign companies are permitted to fully take over Iraqi banks, while other banking firms can purchase up to a 50 percent stake in local banks. [Coalition Provision Authority, 9/19/2003 ; Washington Post, 9/21/2003]