Trade Bank opens of­fice in Abu Dhabi

Banking Frontiers - - News Banking In The Gulf -

Trade Bank of Iraq has opened a rep­re­sen­ta­tive of­fice in Abu Dhabi, be­com­ing the first and only Iraqi trade fi­nance bank to have a pres­ence in the UAE. The gov­ern­ment owned bank, which holds 80% mar­ket share in Iraq, has opened its first in­ter­na­tional of­fice at Abu Dhabi Global Mar­ket on Al Maryah Is­land. The bank said this pres­ence in the UAE will help it fur­ther pro­mote in­vest­ment op­por­tu­ni­ties in Iraq and to es­tab­lish re­la­tion­ships with key in­sti­tu­tions within the UAE’s bank­ing and fi­nance sec­tors. Dr Ali Alaq, gov­er­nor of the Cen­tral Bank of Iraq, who was present at the launch of the of­fice, said this is a hugely sig­nif­i­cant day for TBI, the fi­nan­cial sec­tor of Iraq and the coun­try as a whole as this will be the first Iraqi trade fi­nance bank in the UAE.

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