Iraqi bank in Saudi Arabia to strengthen the financial structure of Baghdad

Iraqi bank in Saudi Arabia to strengthen the financial structure of Baghdad

Wed, 18 Jul 2018 08:28:54

Iraqi bank in Saudi Arabia to strengthen the financial structure of BaghdadThe Saudi-Iraqi relations have entered a new phase of financial cooperation after allowing the Commercial Bank of Iraq to open a branch in the Kingdom, in a step described by a Saudi official as strengthening the Iraqi financial structure and contributing to the stability of prices in the current geopolitical situation. From Canada, Australia and Singapore.

“The approval of the Iraqi Commercial Bank’s license to open a branch in the Kingdom would be beneficial to the State of Iraq, the Iraqi Bank and the Saudi banking sector,” Al-Sharq Al-Awsat newspaper quoted Talaat Hafez, general secretary of the Committee for Information and Banking Awareness, as saying.

“The Bank’s entry into the Saudi market will achieve several positive advantages for the Iraqi banking system in the first place. The Saudi banking environment is one of the best banking environments in the Arab, regional and international markets in terms of strength, robustness and diversity, Banking payment systems “.

He noted that Fitch’s rating of the World Bank, “ensures that the Saudi banking sector as the fourth best banking system in the world, after Canada, Australia and Singapore, means that the Iraqi banking system through the presence of the Iraqi Commercial Bank in the Saudi market will benefit from a banking financial environment with advantages This phase of globalization has brought it to this stage. ”

Hafez expected that the Iraqi banking system will benefit through the existence of this bank in a safe and strong banking environment in the Kingdom, to create a state of stability in the Iraqi financial and banking market, in addition to benefiting from the manpower, purchasing and consumerism, which is more than 32 million people, A vast geographical area, and the delivery of its services in the future, to different parts of the Kingdom.

Hafez explained that “the emergence of Iraqi banking in the Saudi market represents one of the fruits of political understanding between the two leaderships, which strengthens relations, and strengthens the comprehensive strategic partnerships between Riyadh and Baghdad, as well as its contribution to improving the level of awareness and quality, which will contribute in one way or another to the stability of the banking system Exchange rate and counter-volatility, resulting from turbulence in the region. ”

“There are currently 26 licenses for banks operating in the Kingdom market, of which 12 are Saudi banks, the rest are non-Saudi banks. Thus, the existence of the Commercial Bank of Iraq, alongside these banks, provides a range of options from banks in terms of providing the best service to the client, Package of banks in terms of prices, services and products. ”