“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 has been heavily involved in the promotion and acceptance of credit and payment facilities such as credit cards.
Traditionally Iraqis have not been enthusiastic users of banks and financial services.
The introduction of Visa cards and the development of ATMs, all be it at a modest level, represents a significant development.
Read the Visa Case Study
TBI will also be introducing a range of new products in 2009, including salary cards and pension cards, such as a chip card with biometric details.
Trade Bank of Iraq started with one branch in 2003. Now the bank has seven branches across Iraq and it keeps expanding.
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TBI 2007 Annual Report4,118 Kb