Trade Bank of Iraq gets verbal approval to open Saudi branch

The Saudi Arabian Monetary Authority (SAMA) has given Trade Bank of Iraq (TBI) a verbal approval to open a branch in Saudi Arabia, Reuters reported, citing Faisal Al Haimus, the bank’s board chairman.

TBI earlier submitted a request to the Saudi central bank to open a branch within the Kingdom.

The bank has recently opened a representative office in Abu Dhabi, making it the only Iraqi Trade Finance bank to have a presence in the United Arab Emirates, the bank said in a separate statement.

TBI is wholly owned by the Iraqi government and holds 80 percent market share in Iraq. The Baghdad-based bank has 25 locations across Iraq. In 2016, it had total assets of $19.7 billion and net profit of $453.9 million.