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Trade Bank of Iraq plans to open three branches in Turkey, Lebanon and the United Arab Emirates
Thursday, May 23 / May 2013 16:37
[Follow-up - where]
Announced the Trade Bank of Iraq [TBI] intention to open branches in Turkey, Lebanon and the United Arab Emirates.
Hamdiya said dry, Director General and Chairman of the Board of Directors state-owned bank, said Thursday in a press statement that "the bank intends to expand its activities and open local branches in Lebanon and Turkey to benefit from the growth of trade with the two countries."
The bank works, which was founded in 2003 as a commercial bank and a monopoly on letters of guarantee operations that are used in international trade to ensure that the Iraqi government purchases.
Dry added that "the bank is awaiting approval by the Lebanese authorities and will soon apply for a license in Turkey," noting that "the bank has 16 branches across Iraq, will open three new branches in 2013."
She continued, "We are seeing a growth in business activities between Iraq and countries such as Lebanon, Turkey and the United Arab Emirates and we want to expand our business operations and our credit portfolio and increasing numbers of Iraqis living in these two countries will discuss entering UAE bank when the opportunity comes."
Dry said that "the Trade Bank of Iraq participates in a project worth 18 billion dollars to build a pipeline between Basra in Iraq and Aqaba in Jordan, without providing details, as the plan is still in the final stages.
She pointed out that "the bank is listed in the Iraqi Stock Exchange, which grew its net profit 34% last year, expects growth of a similar or greater in 2013, with the expansion of its activities, and that the net profit of the bank amounted to $ 228 million last year, the highest level in four years" , indicating that "many of the projects appear in Iraq in various fields, so we want to be a part of this."
It is said that the capital of the Trade Bank of Iraq is about $ 800 million, up from 100 million when it started its activities in 2003.
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Thursday, May 23 / May 2013 16:37
[Follow-up - where]
Announced the Trade Bank of Iraq [TBI] intention to open branches in Turkey, Lebanon and the United Arab Emirates.
Hamdiya said dry, Director General and Chairman of the Board of Directors state-owned bank, said Thursday in a press statement that "the bank intends to expand its activities and open local branches in Lebanon and Turkey to benefit from the growth of trade with the two countries."
The bank works, which was founded in 2003 as a commercial bank and a monopoly on letters of guarantee operations that are used in international trade to ensure that the Iraqi government purchases.
Dry added that "the bank is awaiting approval by the Lebanese authorities and will soon apply for a license in Turkey," noting that "the bank has 16 branches across Iraq, will open three new branches in 2013."
She continued, "We are seeing a growth in business activities between Iraq and countries such as Lebanon, Turkey and the United Arab Emirates and we want to expand our business operations and our credit portfolio and increasing numbers of Iraqis living in these two countries will discuss entering UAE bank when the opportunity comes."
Dry said that "the Trade Bank of Iraq participates in a project worth 18 billion dollars to build a pipeline between Basra in Iraq and Aqaba in Jordan, without providing details, as the plan is still in the final stages.
She pointed out that "the bank is listed in the Iraqi Stock Exchange, which grew its net profit 34% last year, expects growth of a similar or greater in 2013, with the expansion of its activities, and that the net profit of the bank amounted to $ 228 million last year, the highest level in four years" , indicating that "many of the projects appear in Iraq in various fields, so we want to be a part of this."
It is said that the capital of the Trade Bank of Iraq is about $ 800 million, up from 100 million when it started its activities in 2003.
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