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China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman

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China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman Empty China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman

Post by claud39 on Sun Jul 07, 2019 1:07 pm

[size=39]China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman[/size]

 July 7, 2019


China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman 8a4dcc03-a5eb-464c-8192-f59042033b3a_16x9_788x442

TBI entered Saudi Arabia this year, opening its first branch in Riyadh and is expected to be fully operational in September. (Courtesy: TBI)





State-owned Trade Bank of Iraq (TBI) is expanding into China and the Gulf, seeking to lift its revenues from retail banking and international operations to 30 percent by 2022 from 25 percent now, its chairman said on Sunday.
The bank plans to open a representative office in China next year and is upgrading its license in Abu Dhabi to an asset management company from a representative office.
TBI’s revenues totaled $550 million in 2018 with trade finance contributing the lion’s share. Its retail and international operations business accounts for 25 percent of its revenues.




The bank, owned by the Iraqi government and with assets of around $30 billion, helps fund about 80 percent of the trade finance business in Iraq.
“With our expansion, in China, Abu Dhabi and Saudi Arabia, retail and international business will contribute 30 percent of our total revenues by end of next three years,” Faisal al-Haimus told Reuters.
Trade between Iraq and China is significant in both the public and private sector with Chinese oil companies active in Iraq and the private sector importing a lot from China, he said.
TBI entered Saudi Arabia this year, opening its first branch in Riyadh.
The branch which will become fully operational in September will focus on trade finance, he said.
TBI has abandoned acquisition talks with a Gulf bank as the latter decided it does not want to sell, al-Haimus said.
TBI was in talks to buy a Gulf bank with branches in the UAE and Qatar as part of a strategy to boost revenues outside its home market he told Reuters in October.
The Iraqi bank had also, earlier, put on hold plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira
But TBI is still interested in acquiring a bank in Turkey, Iraq’s biggest trade partner.
“There are a couple of banks we are still looking at, it is very early stages,” he said, declining to name them.
TBI plays a big role in the rebuilding of Iraq and infrastructure development and this will help bolster its balance sheet that has grown to $30 billion in size, he said.
The lender is also planning to launch a fund in the fourth quarter of 2019 focusing on lending to Iraqi banks for international trade as approvals are expected by October.


https://middleeastaffairs.net/2019/07/07/china-gulf-expansion-to-boost-trade-bank-of-iraqs-revenues-says-chairman/
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China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman Empty China & Gulf expansion to boost Trade Bank of Iraq's revenues: chairman

Post by claud39 on Sun Jul 07, 2019 1:37 pm

[size=40]China & Gulf expansion to boost Trade Bank of Iraq's revenues: chairman[/size]


Sunday, July 7, 2019





China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman Indicatornews_3_800x533_L_1412601605



China & Gulf expansion to boost Trade Bank of Iraq's revenues: chairman




By Stanley Carvalho





ABU DHABI (Reuters) - State-owned Trade Bank of Iraq (TBI) is expanding into China and the Gulf, seeking to lift its revenues from retail banking and international operations to 30% by 2022 from 25% now, its chairman said on Sunday.



The bank plans to open a representative office in China next year and is upgrading its license in Abu Dhabi to an asset management company from a representative office.



TBI's revenues totaled $550 million in 2018 with trade finance contributing the lion's share. Its retail and international operations business accounts for 25% of its revenues.



The bank, owned by the Iraqi government and with assets of around $30 billion, helps fund about 80 percent of the trade finance business in Iraq.



"With our expansion, in China, Abu Dhabi and Saudi Arabia, retail and international business will contribute 30% of our total revenues by end of next three years," Faisal al-Haimus told Reuters.

Trade between Iraq and China is significant in both the public and private sector with Chinese oil companies active in Iraq and the private sector importing a lot from China, he said.



TBI entered Saudi Arabia this year, opening its first branch in Riyadh. The branch which will become fully operational in September will focus on trade finance, he said.



TBI has abandoned acquisition talks with a Gulf bank as the latter decided it does not want to sell, Al-Haimus said.



TBI was in talks to buy a Gulf bank with branches in the UAE and Qatar as part of a strategy to boost revenues outside its home market he told Reuters in October

The Iraqi bank had also, earlier, put on hold plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira

But TBI is still interested in acquiring a bank in Turkey, Iraq's biggest trade partner.

“There are a couple of banks we are still looking at, it is very early stages,” he said, declining to name them.



TBI plays a big role in the rebuilding of Iraq and infrastructure development and this will help bolster its balance sheet that has grown to $30 billion in size, he said.

The lender is also planning to launch a fund in the fourth quarter of 2019 focusing on lending to Iraqi banks for international trade as approvals are expected by October.




Original Article





https://www.investing.com/news/economy-news/china--gulf-expansion-to-boost-trade-bank-of-iraqs-revenues-chairman-1916730
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China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman Empty China and GCC expansion to boost Trade Bank of Iraq’s revenues

Post by claud39 on Sun Jul 07, 2019 1:39 pm

[size=36]China and GCC expansion to boost Trade Bank of Iraq’s revenues[/size]
The bank is upgrading its licence in Abu Dhabi to an asset management company from a representative office

China & Gulf expansion to boost Trade Bank of Iraq’s revenues, says chairman TRADE-BANK-OF-IRAQ-main-e1562495441658


State-owned Trade Bank of Iraq (TBI) is expanding into China and the Gulf, seeking to lift its revenues from retail banking and international operations to 30 per cent by 2022 from 25 per cent now, its chairman said on Sunday.
The bank plans to open a representative office in China next year and is upgrading its licence in Abu Dhabi to an asset management company from a representative office.
TBI’s revenues totalled $550m in 2018 with trade finance contributing the lion’s share. Its retail and international operations business accounts for 25 per cent of its revenues.
The bank, owned by the Iraqi government and with assets of around $30bn, helps fund about 80 per cent of the trade finance business in Iraq.
“With our expansion, in China, Abu Dhabi and Saudi Arabia, retail and international business will contribute 30 per cent of our total revenues by end of next three years,” Faisal al-Haimus told Reuters.
Trade between Iraq and China is significant in both the public and private sector with Chinese oil companies active in Iraq and the private sector importing a lot from China, he said.
TBI entered Saudi Arabia this year, opening its first branch in Riyadh. The branch which will become fully operational in September will focus on trade finance, he said. TBI has abandoned acquisition talks with a Gulf bank as the latter decided it does not want to sell, Al-Haimus said.
TBI was in talks to buy a Gulf bank with branches in the UAE and Qatar as part of a strategy to boost revenues outside its home market he told Reuters in October
The Iraqi bank had also, earlier, put on hold plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira.
But TBI is still interested in acquiring a bank in Turkey, Iraq’s biggest trade partner. “There are a couple of banks we are still looking at, it is very early stages,” he said, declining to name them.
TBI plays a big role in the rebuilding of Iraq and infrastructure development and this will help bolster its balance sheet, he said.
The lender is also planning to launch a fund in the fourth quarter of 2019 focusing on lending to Iraqi banks for international trade as approvals are expected by October.


https://gulfbusiness.com/china-gcc-expansion-boost-trade-bank-iraqs-revenues/
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