An Iraqi bank begins providing its banking services and solutions in the Saudi market
An Iraqi bank begins providing its banking services and solutions in the Saudi market
8-28-2022
The Information/Baghdad…
The National Bank of Iraq, affiliated with the Capital Bank Group, announced, on Sunday, the start of providing its banking and financial services in the Saudi market, after completing all procedures related to licensing the opening of its first branch in Riyadh and the start of its banking business in the Saudi market. This step comes Within the framework of the expansion strategy of the group, which is currently operating in Jordan, Iraq, Saudi Arabia and the UAE.
The bank said in a statement received by “The Information”, a copy of it, that “the Iraqi National Bank, which obtained the approval of the Saudi Council of Ministers and the Saudi and Iraqi Central Bank to open a branch in Iraq, aims to encourage and facilitate trade between Iraq and Saudi Arabia in light of the increasing growth of exports between the two countries, as it will allow The presence of this branch is an opportunity for the bank to expand the scope of the service provided to its clients from the corporate sector located in Jordan, Iraq, the UAE and Saudi Arabia, by providing commercial services to them directly.”
He added, “This step also aims to help Iraqi companies find opportunities to work with their counterpart companies inside and outside the Kingdom of Saudi Arabia by providing financing and facilities that meet their needs and aspirations.”
The Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “the bank’s conduct of its business in Saudi Arabia will contribute to increasing the volume of trade exchanges between Iraq and Saudi Arabia by building a network of banking relations with major institutions and companies operating in various economic sectors in the Kingdom of Saudi Arabia, which is expected to achieve more.” of progress and growth based on its Vision 2030.”
In turn, the CEO of the National Bank of Iraq / Saudi Branch, Zaid Abunayan, said, “The National Bank of Iraq, by providing all banking services and various banking facilities, will be able to cover the untapped sectors in the Saudi trade market, and the bank will have the opportunity to increase its market share in total commercial transactions. between Saudi Arabia and Iraq by providing services to strategic corporate clients and facilitating their commercial transactions.”
Abunayan added that “the National Bank of Iraq has started providing its banking services in the Saudi market, as bank accounts have been opened for a number of Saudi companies, which allows them to benefit from an integrated set of banking services provided by the Iraqi National Bank to its corporate clients, including receiving remittances. and documentary credits from Iraq, smoothly and quickly. finished/25
almaalomah.me
