TBI & UTAC Agreement

Baghdad, 13^th August 2017

A cooperation agreement has been signed between the TRADE BANK of IRAQ (TBI) and the United Automobile Company (UTAC), which is the official and exclusive distributer of Renault brand in Iraq, concerning providing loans for employees to buy these cars. The event took place at the company’s main showroom at Al-Saadon Street in Baghdad.

The previously mentioned agreement, which was signed by Assistant Manager of TBI, Mr. Fouad Al-Wakeel and Authorized Director, Mr. Luay Shareef Atia, resembles a new activity by UTAC to provide more services for its customers and facilitate purchasing Renault cars, the thing that will build a long-term relationship between the company and the customers and gaining their satisfaction.

By this agreement, UTAC shall expand the category of persons willing to buy these unique & modern cars of Renault brand.

The agreement also provides an additional service provided by the bank to its customers from different segments to facilitate their purchase of cars through partnerships with well-known companies having a significant and good reputation in the Iraqi market, including United Automobile Company (UTAC), which a member in Zsco group.

Under that agreement, the bank will lend employees, whose receive their salaries from the bank, willing to buy Renault cars. The loans amount is up to 60,000,000 IQD, while UTAC will handle the sales process of Renault cars those borrowers. The process shall also include After Sale services along with providing the necessary spare parts. Renault cars shall also have manufacture insurance.

The financing process shall be subject to the terms and conditions of “Sayarty” product issued by TBI.