The remaining shares will be offered to private banks and international investors. The private banking sector is also undergoing reform following a contract signed between the Central Bank of Iraq (CBI) and Oliver Wyman. This two-to-three-year project will result in recommendations for private banks to either exit the sector, comply with international standards, or merge with other institutions. The country now works with approximately 30 overseas banks, though challenges remain in opening international banking relationships. The comprehensive banking reforms represent a significant shift towards international standards and greater private sector participation in Iraq's financial sector.