Trade Bank of Iraq (TBI) has opened a representative office in Abu Dhabi, making it the only Iraqi Trade Finance bank to have a presence in the UAE.
The wholly government owned bank, which holds 80 per cent market share in Iraq, has established its first international office at Abu Dhabi Global Market on Al Maryah Island. The prime location, at the heart of capital’s financial district, will further cement TBI’s international credentials as an effective institution with strong creditability in the industry and access to a global banking network.
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TBI’s presence in the UAE will also allow the bank to further promote investment opportunities in Iraq and to establish relationships with key institutions within the UAE’s banking and finance sectors.
Dr. Ali Al-Alaq, Governor of the Central Bank of Iraq, HE Ahmed Al Sayegh, Chairman of ADGM and Faisal Al Haimus, Chairman of TBI, were joined by senior officials from the bank and honoured guests from both countries for a short opening ceremony at its new premises.
“This is a hugely significant day for TBI, the financial sector of Iraq and the country as a whole, as this will be the first Iraqi Trade Finance bank in the UAE, which is such an important global financial centre. I would like to congratulate everyone at TBI and I look forward to the financial sector of both nations strengthening our collaboration in the future,” said Al-Alaq.
TBI was established in July 2003 with the aim of helping in the reconstruction of Iraq by facilitating international trade after the end of the United Nation’s oil-for-food programme and has gone on to establish solid relationships with 134 major banks across 63 cities in 39 countries.
“It is truly humbling when I think about how far TBI has come since our inception in 2003 and today is not only a demonstration of that, but it is also a landmark day for the bank which everyone of our employees should be extremely proud of. The future looks very bright for the financial industry in Iraq, the UAE and the rest of the region and I am personally excited about seeing the huge mutual benefits this new representative office will offer TBI and our partners. I would like to thank everyone at TBI who has made today possible and our various strategic partners in the UAE,” said Al Haimus.
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At the end of 2016 TBI, which is based in Baghdad and has offices in 25 locations around Iraq, had Total Assets of $19.7 billion and Net Profit of $453.9 million.
It has also received a number of significant awards and rankings as it has grown over the last decade from a paid up capital of $100 million to reach $2.3 Billion by the end of 2016. It was ranked number 19 among the top 100 Middle East banks and voted the best trade finance bank by the Banker Middle East this year.
The bank’s continuing growth and development has been made possible by moves to expand its customer base from government entities and ministries to include private sector clients. By easing the processes surrounding imports and exports and by offering financial products to the public and private sector, TBI has played a major role in assisting the Iraqi economy. It was also the first bank to introduce credit cards, ATMs and e-commerce in Iraq.
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