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.

Banks

Home | Business Partners | Our Banking Partners | The Consortium

The Consortium

In its first year of operation the Trade Bank of Iraq signed an agreement with a consortium of international banks led by JPMorgan Chase which made it possible for the consortium to issue of letters of credit on behalf of TBI immediately after the bank commenced operations. TBI is now issuing Letters of Credits but maintains strong relationship with its original network. The banks in the Operating Consortium included:

JPMorgan Chase
Standard Chartered Bank
Australia & New Zealand Bank
Bank Millennium SA - National Bank of Kuwait
Internationale Nederlanden Group
Bank Of Tokyo-Mitsubishi
Calyon
HypoVereinsbank AG.
SanPaolo IMI S.p.A

Since then, the Bank has 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.

Key Facts

TBI was the first bank to start issuing Visa cards in 2005. It was a new concept at the time, because the banking system in Iraq did not offer such payment instruments. Acceptance was initially very limited because it was a new concept and there was little awareness of its advantages. But it has now begun to take off. People now realise that it is more secure and convenient to have a bank account and make withdrawals and payments using a credit card.