DUBAI — Trade Bank of Iraq (TBI) has revealed plans to open its first branch in the Kingdom of Saudi Arabia after receiving approvals from the Saudi Arabian Council of Ministers.

Continuing its international foray across the Middle East since opening a representative office in Abu Dhabi, UAE last November, TBI now plans to open its next branch in Riyadh, KSA and be fully operational by the end of this year.

Since the Saudi Arabian Monetary Agency (SAMA) approved its commercial banking license, TBI’s Board of Directors have expressed plans to expand in Turkey, strengthening its market presence across the region.

Confirming the development, Faisal Al Haimus, Chairman of TBI, said: “We are pleased to receive requisite approvals and license from the Saudi Arabian Monetary Agency (SAMA). This is a significant development in the overall growth of TBI’s business model and demonstrates our commitment to cement TBI’s international credentials as an effective institution with strong creditability in the global banking space.”

“The KSA market is a key element of our international expansion strategy as it facilitates the growing bilateral trade between our nations.”

“The recently opened representative office in Abu Dhabi has allowed us to promote investment opportunities in Iraq and to establish relationships with key institutions within the UAE’s banking and financial sectors.”

“TBI’s international presence acts as a perfect platform for businesses to gain access to Iraqi business networks and provide financial expertise to link them with opportunities in the growing Iraqi market.”

TBI was ranked No 1 in the cost to income category in the Middle East by The Banker, a global economic and financial affairs magazine. It was also ranked 332 globally in terms of Tier 1 capital in the annual survey of the world's top 1,000 banks.

These milestones come on the heels of TBI recently celebrating its 15th anniversary celebrations at an exclusive event in Baghdad to thank those that had been part of the bank's journey from its very beginning.

The celebrations were kicked off by Dr. Mudher Saleh, adviser to Iraq’s prime minister, and Faisal Al Haimus, Chairman of TBI and was attended by several VIP dignitaries, investors, and other leading banks representatives along with other clients and guests who joined the celebrations.

Dr. Mudher Saleh said: “Trade Bank of Iraq is the market leader when it comes to product innovation and customer service. This is a result of successfully applying the best international banking practices by using the latest technology and investing in human resources.”

“The TBI management has seized every opportunity to contribute to Iraq’s economic growth and development, creating opportunities for our individual and corporate clients to grow and prosper.”

Al Haimus recalled how the bank came into existence and highlighted the development that TBI has witnessed in terms of expanding its footprint since its inception in 2003.

He said: “With the strong encouragement of Central Bank of Iraq and our loyal customers, TBI has reached many milestones since 2003. We have been successful in linking Iraq with the world by forming a network of correspondent banks and establishing a wider relationship with leading banks around the world.”

At the end of 2017, TBI had total assets of $19.300 billion and net profit of $362.432 million. TBI has the largest network of 25 branches and 122 ATMs & CDMs spread across Iraq. The trust and confidence reposed by the people and the nation have helped the bank to maintain the leadership position. — SG