Trade Bank of Iraq (TBI) is expanding into China and the Arabian Gulf with an aim to lift its revenues from retail banking and international operations to 30 percent by 2022, media reports said.

In China, the bank is planning to open a representative office whereas in Abu Dhabi, the bank planning to upgrade its licence to an asset management company.

Trade finance contributed heavily to Trade Bank of Iraq’s $550 million revenue in 2018. The bank helps fund about 80 percent of the trade finance business in the country. The bank, owned by Iraq’s government, has assets worth $30 billion.

“With our expansion, in China, Abu Dhabi and Saudi Arabia, retail and international business will contribute 30 percent of our total revenues by the end of the next three years,” chariman Faisal Al Haimus told the media. TBI recently established its branch in Riyadh, Saudi Arabia. The branch, to be operational from September, will focus on trade finance.

The bank also opened its new headquarters in the city of Baghdad. Located on Al Rasheed Street, the headquarters is designed to facilitate collaboration as it will bring 670 employees of the bank in Baghdad under one roof. According to reports, the bank recently backed out from a deal to take over an unnamed Gulf Bank. TBI is also interested to buy a commercial bank in Turkey.

According to Faisal Al Haimus, TBI is still looking at potential banks that they could acquire. Since TBI plays a big role in the rebuilding of Iraq and infrastructure development, a takeover will help bolster the bank’s balance sheet that has grown to $30 billion in size,