Iraqi bank eyes Beirut expansion

Trade Bank of Iraq to focus on promoting bilateral trade

The Trade Bank of Iraq (TBI) is looking to open a subsidiary in Beirut, according to the bank's chairperson and general manager, Hamdiyah El Jaf.

According to El Jaf, the state-owned bank has started preparing the necessary paperwork to obtain a license to operate in Lebanon. She said that the bank’s branch in Beirut will focus on enhancing bilateral trade between the two countries.

The Trade Bank of Iraq was established in 2003. It currently has 25 branches within Iraq. The bank’s total assets came to $15 billion at end-2010.

Reported by Abeer Darwiche