“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.
“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.
“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.
“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.
“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.
TBI believes that revitalizing the private sector is a key means of achieving a healthy, sustainable economy. It will continue to extend its trade finance services and other project finance to private sector corporations.
An important development was the agreement with private sector banks on the procedure to be adopted in its public sector Letters of Credit (L/C) business sharing. During 2007, about 70% of public sector L/Cs received by TBI were channelled to Iraqi private sector banks.
The criteria for choosing each bank depended on its balance sheet, correspondent network and SWIFT connection – a secure messaging service to wholesale financial entities supplied by Society for Worldwide Interbank Financial Telecommunication (SWIFT) - as well as the capacity of its staff and its experience in issuing L/Cs.
TBI has extended needs-based credit facilities to part-finance the import of goods, commodities, equipment, medicines and technology by the private sector. These include projects of national importance for the reconstruction and economic development of the country in the following sectors:
There are some major unexploited opportunities for investors and international banks in Iraq. The public sector is still the biggest area of business, but the private sector is growing exponentially.
TBI Annual Report13,527 Kb
TBI Report4,118 Kb
TBI Brochure1,434 Kb