The opening of the first branch of the Iraqi Bank for Trade in Abu Dhabi
The opening of the first branch of the Iraqi Bank for Trade in Abu Dhabi
2017/11/26 18:07
The Iraqi Trade Bank (TPI) has opened a representative office in Abu Dhabi to become the first Iraqi commercial bank in the UAE, and has applied for a branch license in Saudi Arabia.
The government bank chose the [Abu Dhabi International Market] building for its first international branch outside Iraq, as the market has a strategic position in the heart of the financial center of the UAE capital, the Emirates News Agency reported.
The new representative bank office in Abu Dhabi will enhance investment opportunities within Iraq and build and establish business relations and cooperation with banking and financial institutions in the UAE.
Faisal Al-Hims, Chairman and Acting Chief Executive Officer of the Bank, said that an application for a branch license was submitted in Saudi Arabia.
Homs said the bank had received verbal approval from the Saudi Arabian Monetary Agency (SAMA), Reuters reported.
The Iraqi Trade Bank was established in 2003 to assist in the reconstruction of Iraq through the facilitation of international trade after the end of the United Nations’ oil-for-food program during the period of economic embargo imposed on Iraq during the period [1990-2003].
The bank’s total assets reached $ 19.7 billion at the end of last year, while its net profit reached $ 453.9 million. The bank has 25 branches in most parts of Iraq.
alliraqnews.com
