Founded in 2003, the Trade Bank of Iraq was established as an independent government entity that would facilitate the import and export of goods and services in Iraq after the cessation of the Oil for Food and Medicine Program of the United Nations.
Helping the Iraqi economy
The main objectives of Trade Bank are to meet the humanitarian needs of the country, contribute to rebuilding the Iraq economy through financing projects, reactivate the Iraqi economy and stimulate long-term growth.
“Since inception, our aim is to maintain our leading position in the Iraqi banking sector, and remain as a pillar of the Iraq national economy through offering the best banking products and services to our customers, to maximize our returns while complying with local and international best practices, continuous investment in our employees and systems, and the expansion of our international banking branch network.”
Suite of Banking Services
The bank offers a wide range of banking services widely spread across retail banking and commercial banking. With retail banking, Trade Bank of Iraq offers current accounts, saving accounts and deposits, Certificate of Deposit (Testahel) and Priority Banking (Jumar) for select highly-ranked clients. In addition, customers have easy access to car loans (Sayarati), credit cards, personal loans as well as remittance facilities.
To cater to a growing market with professional banking requirements, Trade Bank of Iraq offers commercial banking services as well. These include current accounts & deposits, remittances, Letters of Guarantee, project finance options, trade finance, SME finance and syndication. It is the first Iraqi financial institution to receive (ISO/ 9001-2015) certification for the Remittances, Letters of Credit and Letter of Guarantee Departments.
Investing Through Trade Bank of Iraq
As a leading banking solutions provider, Trade Bank of Iraq also offers a host of lucrative investment options through investment banking, as well as sovereign bonds through IPOs, private equity and wealth management. The Trade Bank of Iraq is proud to announce its involvement as a Co-Manager in the successful closure of the first Iraqi Government International Bond Issue. The Iraqi Government raised US$1bn from the international capital markets for a five-year bond at 100% issue price with a yield of 6.75%. The Trade Bank of Iraq has increased its capital by 53% to reach US$2.3bn for the year end 2016.
The Net Profit of the bank has increased by 267% over the 2015 net profits of US$124mn to reach US$453.9mn in 2016. This marks the highest net profit that the bank has achieved in its history. The Trade Bank of Iraq has been ranked among the largest 1000 Banks worldwide in terms of TIER 1 capital exceeding of US$3.1bn, ranking 33rd among Arab banks and 318th internationally.
The bank has 24 branches in Iraq and has opened a representative office in Abu Dhabi Global Market (ADGM). For the first time in Iraq, TBI gets facilities from Euler Hermez, and one of the biggest milestones for the bank was the signing of a financing MoU with GE and Standard Chartered Bank to accelerate power and infrastructure projects in Iraq.
The sustained efforts of the bank to provide services have not gone unnoticed. Trade Bank of Iraq was awarded Best Trade Finance Bank and Best Brand Re-Launch by Banker Middle East, as well as Best CEO and Best Trade Bank in Iraq by International Finance. TBI has received two special awards by EMEA Finance magazine – Best Local Bank and Best Investment Bank.