Trade Bank of Iraq opens office in Abu Dhabi

Abu Dhabi: Trade Bank of Iraq opened a representative office in Abu Dhabi, making it the only Iraqi trade finance bank to have a presence in the UAE.

The wholly-government owned bank, which holds 80 per cent market share in Iraq, has established its first international office at Abu Dhabi Global Market on Al Maryah Island on Sunday.

The bank's presence in the UAE will also allow the bank to further promote investment opportunities in Iraq and to establish relationships with key institutions within the UAE's banking and finance sectors.

"This is a hugely significant day for TBI, the financial sector of Iraq and the country as a whole as this will be the first Iraqi trade finance bank in the UAE, which is such an important global financial centre," said Dr Ali Al Alaq, the governor of the central bank of Iraq who was present during the opening ceremony.