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Trade Bank of Iraq (TBI) Expanding Abroad Empty Trade Bank of Iraq (TBI) Expanding Abroad

Post by claud39 on Fri Jul 12, 2019 12:10 pm

Trade Bank of Iraq (TBI) Expanding Abroad
12th July 2019 



Trade Bank of Iraq (TBI) Expanding Abroad Trade-Bank-of-Iraq-TBI-logo-623x346





By John Lee.
The state-owned Trade Bank of Iraq (TBI) is reported to be planning to expand its operations in China and the Gulf.
Chairman Faisal al-Haimus [al-Haimus] told Reuters that the bank want to increase revenues from retail banking and international operations from 25 percent to 30 percent by 2022.
He added that it plans to open a representative office in China in 2020, and will upgrade its license in Abu Dhabi from a “representative office” to “asset management company“.
(Source: Reuters)

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Trade Bank of Iraq (TBI) Expanding Abroad Empty China & Gulf expansion to boost Trade Bank of Iraq's revenues: chairman

Post by claud39 on Fri Jul 12, 2019 12:14 pm

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



JULY 7, 2019




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.



Reporting by Stanley Carvalho; Editing by Keith Weir
Our Standards:The Thomson Reuters Trust Principles.





https://uk.reuters.com/article/us-iraq-trade-bank-expansion/china-gulf-expansion-to-boost-trade-bank-of-iraqs-revenues-chairman-idUKKCN1U20A8
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