First Iraqi Bank in Saudi Arabia

Iraq – Baghdad

In the recent co-operation between Republic of Iraq and Saudi Arabia, Trade Bank of Iraq is to open a branch in Saudi Arabia after it has been officially approved by the Saudi Council of Ministers. This collaboration shall support the Iraqi Economy.

“This important addition to our bank accomplishments shall strengthen trading and banking relationships between the two countries” said Mr. Faisal Al Haimus, Acting Chairman of Board of Directors and President of the bank.

Mr. Tallaat Hafidh, Head of Media and Banking Awareness Committee and the official spokesman of the Saudi banks said to “Middle East” journal: “The approval for opening a new branch of TBI in Saudi Arabia will benefit Iraqi country and Central Bank of Iraq and Saudi banking sector equally.

Mr. Hafidh added that this step will benefit the Iraqi banking sector in the first place, particularly Saudi banking environment is considered one of the best banking environments locally, regionally and internationally in terms of power, durability and diversity regarding banking services or payments systems.”.