Faisal al-Haimus, the Chairman of Trade Bank of Iraq (TBI) said that the talks are underway and the purchase is expected to be completed in six to eight months.
Iraq’s TBI is planning to acquire a Gulf bank with branches in the UAE as part of a strategy to boost revenues outside its home market.
This follows an announcement by the state-owned lender in August that has it had put on hold its plans to buy a commercial bank in Turkey due to the weak lira. The bank has assets of around $20 billion and helps fund around 80 per cent of the trade finance business in Iraq.
Additionally, TBI will open its doors for business in Saudi Arabia in Q1 2019 having got the required approvals, the branch will focus on trade finance but will do some corporate business.
TBI has 25 branches in Iraq and a representative office in Abu Dhabi, reported Reuters.