The Bank will provide the following services
By opening an external branch at Kingdom of Saudi Arabia, Trade Bank of Iraq will be providing different types of Trade Finance services, such as issuing Documentary Credits, Letters of Guarantee and conducting Financial Transactions which shall facilitate Trade between both Saudi Arabia and Iraq to fulfill the needs of financing the export and import process of goods and services, not mentioning the needs of privet sector pioneer institutions and Saudi Investors.
As the necessary approvals from both Iraq and Saudi Arabia were obtained, we commenced with opening procedures of the Branch at Al Riyadh city. The Branch activities will include Financial Institutions (FI) Banking and the Banking of Institutions that are wholly or partially-owned by Saudi Arabia (GRE).
The opening of TBI branch at Saudi Arabia is a distinctive leap for the Bank as being the first external Branch representing the Republic of Iraq at the Saudi lands, where the Kingdom maintains serious business regulations the thing that shall strengthen the Bank reputation internationally. All TBI businesses shall be under the umbrella of Saudi Arabia Monitory Authority, including Credit Risks, which shall decrease default and increase trust.
The entering of TBI into the Saudi Markets and Gulf Cooperation Council is an important and motivate step as the Bank is dedicated, committed and easy-reachable, especially when it is highly anticipated that Trade Transaction between Iraq and Saudi Arabia will highly increase. The presence of a local Bank, such as Trade Bank of Iraq, at Kingdom of Saudi Arabia, shall enable it to gain the trust of Local Companies and Financial Institutions.