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An international agency that gives an Iraqi bank an internationally recognized credit rating

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An international agency that gives an Iraqi bank an internationally recognized credit rating

Post  claud39 on Wed Dec 19, 2018 6:40 am

http://economy-news.net/content.php?id=14822


An international agency that gives an Iraqi bank an internationally recognized credit rating


12/19/2018











Economy News _ Baghdad




The Bank of Iraq (BIC) has granted the BTI a stable outlook, while the bank affirmed that its balance sheet strength, high profitability, liquidity and diversification strategy are behind the rating.
The agency said in a statement, received "The Economist News" a copy of it, "The Iraqi Bank was granted to trade B-degree with a stable outlook, reflecting the decision to praise the institution continued efforts of the Bank of Iraq in the implementation of its comprehensive program of economic reform."
For his part, said the Chairman of the Board of the Iraqi Bank for Trade Faisal Al-Hims in a statement received "economy News" a copy of it, "The classification is the first of its kind for Iraqi banks and in line with the principles of sovereignty in Iraq," stressing the importance of "the role of security stability in the country The recent improvement in foreign investment indicators and the recovery of the commercial market. "
"The strength of the balance sheet and the high level of profitability in the business of the Iraqi Bank for Trade in addition to liquidity and diversification strategy in the corporate sector and retail on the growth rates and employment opportunities resulting from it, and the high creditworthiness of the Iraqi economy and the quality of services provided to the Iraqi citizen, in addition to our success in providing Innovative banking products and services that have played an important role in this category. "
The Bank of Iraq's classification of credit rating B - to be the first Iraqi bank to obtain a credit rating official by a rating agency global, the main factors that lead to a positive assessment is to improve the growth prospects and the business environment and security situation, Budget, thereby reducing the debt-to-GDP ratio over the medium term.
All of the Bank's financial and banking operations have been evaluated according to internationally recognized Fitch standards, which represent the Bank's overall financial health with a focus on financial reporting, portfolio management, profitability and diversification, as well as liquidity, income and other banking factors.
It is worth noting that the Iraqi Trade Bank has achieved great achievements since its opening in 2003, and continues to play a key role and influence in the development process of Iraq. The success of the Bank's efforts is directly related to the stability and prosperity of Iraq and will have a long-term positive impact on Iraqi society.
The Iraqi Bank for Trade has a network of banking branches in Iraq which plays a very important role in identifying sources of financing and securing projects. As a leading and trusted institution among international banking institutions, the Bank has opened a representative office in the UAE in 2017. Since then, the Bank has established joint working and cooperation relationships with leading international banks and financial institutions to finance infrastructure projects inside Iraq, Reconstruction of Iraq.

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The first Iraqi bank to receive an internationally recognized credit rating

Post  claud39 on Wed Dec 19, 2018 6:43 am

https://tbi.com.iq/?news=%D8%A3%D9%88%D9%84-%D9%85%D8%B5%D8%B1%D9%81-%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%8A%D8%AD%D8%B5%D9%84-%D8%B9%D9%84%D9%89-%D8%AA%D8%B5%D9%86%D9%8A%D9%81-%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86%D9%8A-%D9%85






[rtl]The first Iraqi bank to receive an internationally recognized credit rating[/rtl]
[rtl]Fitch Ratings confirms the credit rating of the Iraqi Bank for Trade at B  -grade  with a stable outlook[/rtl]

  • [rtl]The Bank of Iraq's credit rating (B) came as the first Iraqi bank to receive a formal credit rating by a global rating agency[/rtl]


 
[rtl]Iraq, Baghdad, December 19, 2018 - The Fitch Ratings Agency announced the credit rating of the Iraqi Bank for Trade (B-B) with a stable outlook. The decision reflects the institution's continued efforts to implement its comprehensive economic reform program.[/rtl]
 
[rtl]The Bank of Iraq's rating of B-rated was the first Iraqi bank to receive an official credit rating by an international rating agency. The main factors leading to a positive assessment are the improved growth prospects, the business environment and the security situation, Budget, thereby reducing the debt-to-GDP ratio over the medium term.[/rtl]
[rtl]All of the Bank's financial and banking operations have been evaluated according to internationally recognized Fitch standards, which represent the Bank's overall financial health with a focus on financial reporting, portfolio management, profitability and diversification, as well as liquidity, income and other banking factors.[/rtl]
[rtl]Faisal Al-Hims, Chairman of the Board of Directors of the Iraqi Bank for Trade, said that the risks to the classification are balanced at the present time, pointing to the importance of the role of security stability in the country during recent times in improving indicators of foreign investment and the recovery of the commercial market. He expressed his happiness with the result of the credit rating, describing it as a major achievement as the first of its kind for the Iraqi banks, and that it is in line with the principles of sovereignty in Iraq.[/rtl]
[rtl]Commenting on the Fitch Ratings decision, Mr. Faisal Al-Hims said: "The strength of the balance sheet, the high level of profitability in the BTI's business, coupled with liquidity, diversification strategy in the corporate and retail sectors, confirm the growth and employment opportunities resulting from it. The creditworthiness of the Iraqi economy and the quality of services provided to the Iraqi citizen, in addition to our success in providing innovative banking products and services. Which is a testament to our relentless efforts to implement our strategic initiatives. "[/rtl]
[rtl]"We have achieved many achievements that have won numerous awards and accolades in recent years, and we continue to relentlessly pursue our vision with greater enthusiasm and determination."[/rtl]
[rtl]It is worth noting that the Iraqi Trade Bank has achieved great achievements since its opening in 2003, and continues to play a key role and influence in the development process of Iraq. The success of the Bank's efforts is directly related to the stability and prosperity of Iraq and will have a long-term positive impact on Iraqi society.[/rtl]
[rtl]The Iraqi Bank for Trade has a network of banking branches in Iraq which plays a very important role in identifying sources of financing and securing projects. As a leading and trusted institution among international banking institutions, the Bank has opened a representative office in the UAE in 2017. Since then, the Bank has established joint working and cooperation relationships with leading international banks and financial institutions to finance infrastructure projects inside Iraq, Reconstruction of Iraq.[/rtl]
[rtl]It is worth noting that BTI is a leading financial institution in Iraq and has financial transactions with a network of 417 international banks in 61 countries around the world.[/rtl]
[rtl]At the end of 2017, the total assets of the Iraqi Trade Bank amounted to US $ 19.300 billion, with a net profit of US $ 362.432 million. The Iraqi Trade Bank has a local branch network of 25 branches across Iraq with 122 ATMs and cash deposit. He is considered one of the most important banks in the Middle East for his international reputation, which enabled him to win many awards. This success is attributed to the confidence of customers and citizens in the Bank, which has played a prominent role in maintaining the leading position.[/rtl]
[rtl]- - End- -[/rtl]
[rtl]About the Iraqi Trade Bank:[/rtl]
[rtl]Established in 2003, the Bank is the first bank in the country, accounting for 80% of the commercial finance business in Iraq and ranked first among Arab banks in terms of cost-to-income ratio and ranked 332 in the world in terms of Tier 1 capital. The bank has established 25 branches across Iraq, offering a wide range of banking services to all clients including corporations, individuals and government institutions. As part of its ongoing efforts to expand its customer base and expand into new markets.[/rtl]

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