Trade Bank of Iraq, J.P. Morgan discuss banking operations

Baghdad (IraqiNews.com) – The Trade Bank of Iraq (TBI) and J.P. Morgan discussed on Sunday ways to develop mechanisms related to banking operations carried out by the TBI through J.P. Morgan, the Iraqi News Agency (INA) reported.

A statement issued by the bank mentioned that the President of the TBI, Bilal Sabah Al-Hamdani, met with the Chair of the Governing Board of J.P. Morgan Development Finance Institution, Daniel Zelikow, and the accompanying delegation, where they reviewed long-standing relations between the two banks.

The meeting between both sides addressed ways to develop banking operations the TBI undertakes through the US bank, the statement illustrated.

The TBI facilitates foreign trade financing operations, supports and develops industrial and service projects, and provides banking services to government institutions and private sector companies, the statement clarified.

Zelikow, accompanied by the Head of MENA Public Sector Group, Ghali Laraki, met last Thursday with the Iraqi Prime Minister, Mohammed Shia Al-Sudani, and discussed support for Iraq’s banking sector, the Central Bank of Iraq (CBI), and the private sector, according to a statement issued by the Prime Minister’s media office.

The statement elaborated that the meeting also addressed topics such as international trade, risk management, and the government’s priority of expanding non-oil revenues through financial and administrative reforms.

The Prime Minister welcomed J.P. Morgan’s idea to open branches in Iraq and emphasized the government’s readiness to extend support to international banks operating in the country.

Al-Sudani stressed the government’s ongoing efforts to reform Iraq’s banking system, encompassing the public and private sectors.

These reforms aim to address issues related to fund movement, bolster global trade, and combat money laundering in accordance with international standards, the statement added.