The Iraqi Trade Bank opens the first branch in Saudi Arabia

Friday 19 April 2019 19


Baghdad / Al-Sabah

Deputy Prime Minister and Minister of Finance Fouad Hussein opened the first branch of the Iraqi Bank for Trade (TBI) in the Kingdom of Saudi Arabia in the presence of the Governor of the Saudi Monetary Agency Ahmed Al-Khulaifi, the Deputy Governor of the Monetary Corporation Turki Al-Mutairi, and the Director General and Chairman of the Board of Directors of the Iraqi Trade Bank Faisal
Homs.

The ceremony was attended by senior Iraqi and Saudi officials, investors and representatives of the leading banks in the region, "the bank said in a statement.

The statement quoted Deputy Prime Minister and Minister of Finance Fuad Hussein as saying: "Today is a historic event for the financial sector in Iraq, as the opening of the first branch of the bank outside Iraq is a big step forward to strengthen our relationship with the Saudi government, and look forward to strengthening ties Bilateral cooperation between the two brotherly countries, especially after the support provided by the Kingdom to investors and investors to invest in Saudi markets. "

"Nestor today is a new success in the Bank of Iraq's record of achievements, and we, as employees, partners and clients, are proud of this significant step," said Faisal Al-Hims, General Manager and Chairman of the Board.

"Personally, I have been waiting for this moment since we announced the expansion plan, and I look forward to seeing the significant economic benefits that the new branch in Saudi Arabia will bring to our strategic partners and customers."

"I thank the Custodian of the Two Holy Mosques and His Highness the Crown Prince for their high guidance to support and facilitate the opening of our branch in Riyadh, capital of Saudi Arabia, and the rest of our partners in the Kingdom," he added.



"The opening of the branch of the first bank of its kind outside Iraq in the framework of activation and revitalization of the movement and banking and commercial activity at the regional and international levels, and takes the new branch of the Saudi capital Riyadh-based."

"This step supports the Bank's efforts towards further growth and expansion. It also affirms the Bank's commitment to implementing international compliance standards in accordance with the banking model adopted in the global banking sector and contributing to the economic development of Iraq in order to achieve growth and prosperity for the country."

"The new branch will soon begin banking and financial operations shortly after the completion of the procedures. The expansion of the BTI's business will provide an opportunity to expand business and investment and contribute to building a network of banking relationships with major institutions in the financial and banking sectors in Saudi Arabia.


Enormous opportunities in the Iraqi market, which is witnessing continuous growth. "

The government is working on several projects in Saudi Arabia that include a wide range of fields in order to develop and strengthen relations between the two countries.

The Bank of Iraq opened a representative office in Abu Dhabi, the capital of the UAE at the end of 2017, and has successfully strived to achieve its strategic objectives to witness a new phase that will enable it to sustain the Bank's sustainable growth and assist in the reconstruction of Iraq. And enhance its presence in the region's financial market as a financial institution with close links to global financial networks.

The Bank of Iraq operates in accordance with its long-term strategic plan for 2021 and plays a crucial and significant role in the reconstruction and sustained growth of Iraq's economy in 2021. Its success is directly linked to the stability and prosperity of the country and has a strong impact on Iraqi society.


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