Trade Bank of Iraq announced [TBI] will open branches in Turkey and Lebanon, Arabic Emirates.

by Hkp1 Thu 23 May 2013, 6:03 pm

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Trade Bank of Iraq announced [TBI] will open branches in Turkey and Lebanon, Arabic Emirates.

by Hkp1 Thu 23 May 2013, 6:03 pm

Trade Bank of Iraq announced [TBI] will open branches in Turkey and Lebanon, Arabic Emirates.

Trade Bank of Iraq intends to open three branches in Turkey, Lebanon and the UAE

Thursday, 23 May 2013 16: 37

Dry,
said hamdiyaThe Director-General and Chairman of the State-owned bank,
said Thursday in a press statement that "the Bank intends to expand its
activities and open branches in Lebanon and Turkey to benefit from the
growth in trade with the two countries."

And the Bank that was
founded in 2003 as a commercial bank and a monopoly on letters of
guarantee operations which are used in international trade to ensure the
Iraqi Government purchases.

Dry said 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 throughout Iraq, and
will open three new branches in 2013."

"We are seeing a growth in
commercial activities between Iraq and countries such as Lebanon,
Turkey, the United Arab Emirates and want to expand our business and
credit portfolio, increasing numbers of Iraqis living in those two
countries will discuss the Bank entering the UAE when opportunity."

Dry
said the Trade Bank of Iraq participates in a project worth $ 18
billion to build a pipeline between Basra in Iraq and Aqaba in Jordan,
without offering details, the plan is still in the final stages.

She
noted that "the Bank is not listed on the stock exchange and net
profits grew by 34 percent last year, expects a similar or greater
growth in 2013, with the expansion of its activities, the Bank's net
profit totaled $ 228 million last year, the highest level in four years,
stating that" many projects appear in Iraq in various fields, so we
want to be part of this. "

The capital of the Trade Bank of Iraq is about $ 800 million, up from 100 million when it started its activity in 2003.Finished.

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