Tuesday 24, July 2018 by Jessica Combes

Trade Bank of Iraq reveals latest international expansion plans

 

The bank recently celebrated 15 years of operation. 

Trade Bank of Iraq (TBI) has revealed plans to open its first branch in the Kingdom of Saudi Arabia after receiving approvals from the Saudi Arabian Council of Ministers. 

Continuing its international foray across the Middle East since opening a representative office in Abu Dhabi, UAE last November, TBI now plans to open its next branch in Riyadh, KSA and be fully operational by the end of this year. 

Since the Saudi Arabian Monetary Agency (SAMA) approved its commercial banking license, TBI’s Board of Directors have expressed plans to expand in Turkey, strengthening its market presence across the region.  

“We are pleased to receive requisite approvals and license from the Saudi Arabian Monetary Agency (SAMA). This is a significant development in the overall growth of TBI’s business model and demonstrates our commitment to cement TBI’s international credentials as an effective institution with strong creditability in the global banking space. The KSA market is a key element of our international expansion strategy as it facilitates the growing bilateral trade between our nations,” said Faisal Al Haimus, Chairman of TBI.

Al Haimus added that the recently opened representative office in Abu Dhabi has allowed TBI to promote investment opportunities in Iraq and to establish relationships with key institutions within the UAE’s banking and financial sectors, saying that TBI’s international presence acts as a perfect platform for businesses to gain access to Iraqi business networks and provide financial expertise to link them with opportunities in the growing Iraqi market.

TBI recently celebrating its 15th anniversary celebrations at an exclusive event in Baghdad to thank those that had been part of the bank's journey from its very beginning. 

The celebrations were kicked off by Dr. Mudher Saleh, adviser to Iraq’s Prime Minister and Al Haimus, and was attended by several VIP dignitaries, investors, and other leading banks representatives along with other clients and guests who joined the celebrations. 

“Trade Bank of Iraq is the market leader when it comes to product innovation and customer service. This is a result of successfully applying the best international banking practices by using the latest technology and investing in human resources. The TBI management has seized every opportunity to contribute to Iraq’s economic growth and development, creating opportunities for our individual and corporate clients to grow and prosperm” said Saleh. 

At the end of 2017, TBI had Total Assets of $19.300 billion and Net Profit of $362.432 million. TBI has the largest network of 25 branches and 122 ATMs & CDMs spread across Iraq. The trust and confidence reposed by the people and the nation have helped the bank to maintain the leadership position.

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more