Trade Bank of Iraq - Your Trade and Investment Partner in Iraq

About TBI

“Introducing modern, innovative baking to the Iraqi market”

TBI 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 purpose of the Bank is to be a catalyst for the regeneration of the Iraqi economy ad a force for modernisation.

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 covering 63 cities in 39 countries. An early success was signing agreements with 17 of the largest Export Credit Agencies around the world.

Products & Services

“Strengthening the Bank’s services”

TBI focuses primarily on trade finance and project finance. The Bank issues Letters of Credit, provides direct finance for major infrastructure projects in Iraq and arranges larger loans via groups of banks. TBI is also working on increasing the number of Visa Cardholders and the network of ATMs in Iraq as part of a well-planned strategy.

Doing Business in Iraq

“Iraq is open for business”

The general economic picture has substantially improved.

Major steps have been taken to open up the oil sector to international oil companies. Iraq’s trade volumes continue to grow and substantial investment opportunities are emerging, with promising returns.

Business Partners

“Our correspondent network consists of well regarded banks and our client base includes public and private sector institutions.”

TBI has built relationships with a network of 134 prime banks covering 63 cities in 39 countries.

The Bank has since widened its international banking network beyond the original Consortium Banks as part of a strategy of attaining wider geographic reach, and greater diversity of services.

News & Achievements

“TBI has a history of being first in Iraq: first bank to automate its banking operations; first to issue Visa cards; first to introduce ATMs”

TBI continues to work towards strengthening the Iraqi private banking sector and modernising the banking industry as a whole. Our branch network is expanding and our correspondent bank network growing.

Timeline

2003

Establishment of the Bank in July

Fully capitalised at over US$100m

Creation of a consortium of international banks

Creation of an international network of corresponding banks

2004

US$5.5m net profit

US$555,000 net revenue

US$149m total assets

2005

US$34m net profit

US$38m net revenue

US$1.1b total assets

First distribution of Visa Credit Cards

Installation of the first ATM in Iraq

Development of a network of banks covering 63 cities in 39 countries

2006

US$100m net profit

US$125m net revenue

US$2.8b total assets

First fully automated online banking system

Development of a network of ATMs in Baghdad

2007

US$255m net profit - 155% increase

US$296m net revenue - 137% increase

US$6.1b total assets

First fully automated online banking system

Development of a network of ATMs in Baghdad

Achievements

TBI are the first to issue credit cards in Iraq

Find out more

Key Facts

TBI Branches

Trade Bank of Iraq started with one branch in 2003. Now the bank has seven branches across Iraq and it keeps expanding.

A proven track record in investment in Iraq

"This attack on our headquarters in Baghdad, which has tragically cost the lives of five guards and wounded six others, was an act of cowardice by malevolent forces who wish to undermine the progress that Iraq is steadily making towards stability, peace and economic prosperity for all its people. The Bank offers its deepest sympathy, and its support, to the victims of this atrocity, and to their families. However, this cowardly attack was a failure. The Trade Bank of Iraq, and Iraq itself, are undeterred. The work of building Iraq's economic strength - which the Trade Bank of Iraq is doing so much, and very successfully, to support, and in which we are making significant progress year by year - goes on uninterrupted, as does the work of the Bank, which will be open for business tomorrow."

Mr. Hussein Al-Uzri,
Chairman and President of Trade bank of Iraq following the explosion at the office of the TBI in baghdad on June 20, 2010.

Trade Bank of Iraq publishes its 2008 Annual Report

Trade Bank of Iraq (TBI) has published its 2008 Annual Report, achieving another successful year in its short history within a financial crisis that diminished the global business environment. TBI witnessed significant growth in its business over 2008, which resulted in windfall profits and a stronger balance sheet. TBI's net profits reached $359.3 million, a 41% increase from 2007, and total assets grew to over $10 billion, a 64% increase from 2007. Since inception in 2003, TBI has opened over $35 billion worth of letters of credit.

TBI grew in its core trade finance business, with letters of credit and guarantee outstanding reaching $10.8 billion, an 85% increase from 2007. Strategic focus on the private sector resulted in $446 million worth of letters of credit being issued to the sector in 2008, an increase from $76 million in 2007. TBI's exceptional performance in 2008 was recognised by Trade and Forfaiting Review magazine which awarded the bank with the titles of "Best local bank in Iraq" and "Best trade bank in the Middle East"