Faisal Al Haimus, the Chairman and President of Trade Bank of Iraq
The lender plans to open a representative office in China by 2020 and upgrading its licence in Abu Dhabi to an asset management company from a representative office.
Monday 08, July 2019 BY KUDAKWASHE MUZORIWA
The Chairman of Trade Bank of Iraq (TBI) said that the bank is expanding into China and the Gulf as is seeks to lift its revenues from retail banking and international operations to 30 per cent by 2022 from 25 per cent currently.
Faisal al-Haimus, the Chairman of TBI, said that with the bank’s expansion in China, UAE and Saudi Arabia, retail and international business will contribute 30 per cent of the bank’s total revenues in the next three years.
The state-owned bank, with assets of around $30 billion, helps fund about 80 per cent of the trade finance business in Iraq.
In June, TBI inaugurated its first branch in Saudi Arabia and the branch which is expected to become fully operational in September will focus on trade finance.
TBI abandoned plans to acquire a Gulf bank as the latter decided it does not want to sell and earlier the bank also cancelled plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira, Al-Haimus said.
In October 2018, TBI announced that it was in talks to acquire a Gulf bank with branches in the UAE and Qatar as part of a strategy to boost revenues outside its home market.
Al-Haimus said that TBI plays a central role in the reconstruction of Iraq and this will help bolster its balance sheet that has grown to $30 billion in size.
TBI is also considering launching a fund in Q4 2019 focusing on lending to Iraqi banks for international trade as approvals are expected by October, reported Reuters.