Trade Bank of Iraq (TBI), wholly owned by the Government of Iraq, was established in July 2003 to facilitate Iraq's international trade and the reconstruction of the country after the expiration of the UN Oil-For-Food Programme.
The bank quickly developed into a highly credible and effective organization. In a short period of time, TBI built relationships with an international network of 134 prime banks - the Consortium banks being at its core - covering 63 cities in 39 countries. This gave TBI a truly global reach, a competitive advantage and the ability to provide a diverse range of services.
TBI started with a humble capital of USD 96.1 million in 2003. The paid up capital was increased to USD 427.35 million in 2008. The shareholders' equity increased to USD 1.5 billion as at the close of 2010.
An early success was signing agreements with 17 of the largest Export Credit Agencies around the world. Another was the fact that TBI was one of the first Iraqi banks to receive lines of credit from major international financial institutions.
TBI has a prudent credit policy in place, and among the many other 'firsts' the bank can claim is the introduction of Iraq's first fully automated online banking system, being the first Iraqi bank to issue VISA credit cards, and the development of the first nationwide network of ATMs in the country. Presently, we are having ____ ATMs across the country. TBI is also the most experienced Iraqi bank in the issuance of Letters of Credit and Letters of Guarantee.
TBI has been voted in 2007, 2008, 2009, & 2011 as best trade bank in the Middle East by Trade & Forfaiting Review Magazine, London and GTR has nominated TBI as the best bank in business continuity in 2010 after the bank was a target of terror attack and then it was able to return to normal working within in less than 2 working days. The Banker Magazine has nominated TBI on top 500 banks in the Middle East in August 2011.
Building on its early success and continuing its endeavor to provide with the best financial products, TBI is introducing modern, innovative products and services to the Iraqi market. These include Salary Accounts, Saving Accounts, Current accounts, Term deposits, Payroll accounts, Credit Cards, Cash management, Term finance, Trade services, Trade finance, and Project finance.