President of the Trade Bank of Iraq: We look forward to working in Lebanon and Turkey
24-05-2013 | (Voice of Iraq) - Add a comment -
Abu Dhabi: Al-Sharq Al-Awsat
Chairwoman
of the Board of Directors of the Trade Bank of Iraq's state-owned
yesterday 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, which was founded in 2003 as a
commercial bank and practically a monopoly on letters of credit used in
international trade to ensure that government procurement.
Dry
said Hamdiya Director-General and Chairman of the Board of Directors of
the Bank, in an interview with Reuters that the bank is awaiting
approval by the Lebanese authorities and will soon apply for a license
in Turkey.
He added that the bank has 16 branches around the country will open three new branches in 2013.
Dry Hamdiya receive her energy conference in Abu Dhabi yesterday (a. P.)
She
said on the sidelines of an energy conference held in Abu Dhabi
«witnessing growth in business activities between Iraq and countries
such as Lebanon and Turkey, the UAE and we want to expand our business
operations and our credit portfolio. She added that increasing numbers
of Iraqis living in these two countries will discuss the bank enter the
UAE when the opportunity comes.
The focus of the main activities
of the Bank on trade finance, but also seeks to enter the areas of
project finance, industrial and agricultural finance.
And Hamdiya added: «show a lot of projects in Iraq in various fields, so we want to be a part of this.
And
the development of Iraq's massive plans for the construction of
infrastructure to export oil to suit the expected rise in crude
production but lacks sufficient funding after years of war and sanctions
that have undermined the economy.
Hamdiya stated 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 offering
details, since the plan is still in the final stages.
She added
that the bank - not included in the Iraqi Stock Exchange, which grew its
net profit 34 per cent last year - is expected to grow a similar or
greater in 2013 with the expansion of its activities, adding that the
bank's net profits amounted to $ 228 million last year, the highest
level in four years.
The bank's capital amounts to about $ 800 million, up from 100 million when it started its activities in 2003.
[You must be registered and logged in to see this link.]
24-05-2013 | (Voice of Iraq) - Add a comment -
Abu Dhabi: Al-Sharq Al-Awsat
Chairwoman
of the Board of Directors of the Trade Bank of Iraq's state-owned
yesterday 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, which was founded in 2003 as a
commercial bank and practically a monopoly on letters of credit used in
international trade to ensure that government procurement.
Dry
said Hamdiya Director-General and Chairman of the Board of Directors of
the Bank, in an interview with Reuters that the bank is awaiting
approval by the Lebanese authorities and will soon apply for a license
in Turkey.
He added that the bank has 16 branches around the country will open three new branches in 2013.
Dry Hamdiya receive her energy conference in Abu Dhabi yesterday (a. P.)
She
said on the sidelines of an energy conference held in Abu Dhabi
«witnessing growth in business activities between Iraq and countries
such as Lebanon and Turkey, the UAE and we want to expand our business
operations and our credit portfolio. She added that increasing numbers
of Iraqis living in these two countries will discuss the bank enter the
UAE when the opportunity comes.
The focus of the main activities
of the Bank on trade finance, but also seeks to enter the areas of
project finance, industrial and agricultural finance.
And Hamdiya added: «show a lot of projects in Iraq in various fields, so we want to be a part of this.
And
the development of Iraq's massive plans for the construction of
infrastructure to export oil to suit the expected rise in crude
production but lacks sufficient funding after years of war and sanctions
that have undermined the economy.
Hamdiya stated 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 offering
details, since the plan is still in the final stages.
She added
that the bank - not included in the Iraqi Stock Exchange, which grew its
net profit 34 per cent last year - is expected to grow a similar or
greater in 2013 with the expansion of its activities, adding that the
bank's net profits amounted to $ 228 million last year, the highest
level in four years.
The bank's capital amounts to about $ 800 million, up from 100 million when it started its activities in 2003.
[You must be registered and logged in to see this link.]
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