The Iraqi Trade Bank continues its talks to buy a Gulf bank
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The Iraqi Trade Bank continues its talks to buy a Gulf bank
Admin Thu Oct 04, 2018 11:15 am
Last updated: 4 October 2018 - 11:47 p
BAGHDAD / The Iraqi Trade Bank has held talks to buy a Gulf bank with branches in the United Arab Emirates and Qatar as part of a strategy to boost its revenues outside its domestic market while it is preparing to open a branch in Saudi Arabia.
Told reporters today that the talks are under way and that the purchase is expected to be completed within six to eight months and did not disclose the bank's name.
This comes after the Iraqi Trade Bank said in August that it had suspended its plans to buy a commercial bank in Turkey due to the lira depreciation The bank, which is owned by the Iraqi government, owns assets of around 20 million dinars The Iraqi Trade Bank plans to open its first branch in Saudi Arabia in the first quarter of 2019 after obtaining the necessary approvals.
He said the branch will focus on trade finance, but it will "Trade between the two countries is growing strongly and can double by 2019." Trade between Iraq and Saudi Arabia currently stands at about $ 1 billion.
The Iraqi Bank has 25 branches in Iraq, And a representative office in Abu Dhabi A loan of 100 million euros (115.5 million dollars) to finance loans with Commerzbank to support small and medium-sized enterprises in Iraq.
The bank said in a statement that it aims to support public and private sector projects and that the focus of the financing partnership will be On the export contracts granted to Commerzbank customers in Germany and other European countries.
The Bank continues to look for other opportunities to develop and enhance its revenue, which reached $ 757 million in 2017.
"This year, because of our diversity of trade finance activities alone, Retail and investment banking activities, we expect revenue to rise.
" The bank has launched an investment fund in Iraq last week targeting high-net-worth individuals and businesses.
He added that the $ 25 million fund would increase to $ 100 million to target investors across the Gulf region.
The Iraqi State Oil Marketing Company, to provide hedging facilities to Iraq against oil price fluctuations.
http://malware-site.www/المصرف-العراقي-للتجارة-يواصل-مباحثات/
BAGHDAD / The Iraqi Trade Bank has held talks to buy a Gulf bank with branches in the United Arab Emirates and Qatar as part of a strategy to boost its revenues outside its domestic market while it is preparing to open a branch in Saudi Arabia.
Told reporters today that the talks are under way and that the purchase is expected to be completed within six to eight months and did not disclose the bank's name.
This comes after the Iraqi Trade Bank said in August that it had suspended its plans to buy a commercial bank in Turkey due to the lira depreciation The bank, which is owned by the Iraqi government, owns assets of around 20 million dinars The Iraqi Trade Bank plans to open its first branch in Saudi Arabia in the first quarter of 2019 after obtaining the necessary approvals.
He said the branch will focus on trade finance, but it will "Trade between the two countries is growing strongly and can double by 2019." Trade between Iraq and Saudi Arabia currently stands at about $ 1 billion.
The Iraqi Bank has 25 branches in Iraq, And a representative office in Abu Dhabi A loan of 100 million euros (115.5 million dollars) to finance loans with Commerzbank to support small and medium-sized enterprises in Iraq.
The bank said in a statement that it aims to support public and private sector projects and that the focus of the financing partnership will be On the export contracts granted to Commerzbank customers in Germany and other European countries.
The Bank continues to look for other opportunities to develop and enhance its revenue, which reached $ 757 million in 2017.
"This year, because of our diversity of trade finance activities alone, Retail and investment banking activities, we expect revenue to rise.
" The bank has launched an investment fund in Iraq last week targeting high-net-worth individuals and businesses.
He added that the $ 25 million fund would increase to $ 100 million to target investors across the Gulf region.
The Iraqi State Oil Marketing Company, to provide hedging facilities to Iraq against oil price fluctuations.
http://malware-site.www/المصرف-العراقي-للتجارة-يواصل-مباحثات/
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