Thursday 16, August 2018 by Kudakwashe

Iraq’s TBI halts acquisition of Turkish commercial bank

 

The state-owned bank, with assets of around $20 billion is keen to expand its footprint in Turkey.

  

Trade Bank of Iraq (TBI) has shelved plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira, reported Reuters.

Faisal Wissam Al Haimus, Chairman and acting CEO of TBI, said that Turkey is a very important market for Iraq and the bank is studying the current situation before entering Turkey.

The Turkish lira lost more than 40 per cent against the greenback this year, driven by investors’ anxiety over Erdogan’s economic policies and a diplomatic spat between Turkey and the US.

The lira rebounded after the central bank unveiled plans to bolster liquidity in the market which will effectively pushing up rates and supporting the currency.

Faisal added that a commercial bank would act as Iraq’s trading leg in Turkey and facilitate exports from Iraq to Turkey.

TBI also plans to extend its footprint in Saudi Arabia after receiving approval last month.

  

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