TBI to inaugurate branches in Turkey, Lebanon, UAE

Baghdad (IraqiNews.com) The Trade Bank of Iraq announced its intention to inaugurate branches in Turkey, Lebanon and UAE.

The Director General of the Board of Directors of the Bank, Hamdiya al-Jaff, reported in press statement to IraqiNews.com “The bank intends to expand its local activities and inaugurate new branches in Turkey, Lebanon and the UAE to take use of the trade development in these countries.”

“The bank is waiting for the approval of the Lebanese authorities and will submit a request to obtain a banking license in Turkey,” she added, noting that “The Bank already has (16) branches in Iraq and intends to open three new branches within the work plan of 2013.”The TBI, which was founded in 2003 as a governmental commercial bank, is monopolizing the letters of guarantee which are necessary for the international trade for the needs of the Iraqi Government.The capital of the TBI was USD (100) million when it was founded in 2003 while it reaches now USD (800) million. \END\