6ly410 Posted July 10, 2019 Report Share Posted July 10, 2019 (edited) Trade Bank of Iraq Expands in GCC, China to Lift Revenues to 30 Percent Published July 9th, 2019 - 06:18 GMT https://www.albawaba.com/business/trade-bank-iraq-expands-gcc-china-lift-revenues-30-percent-1296030 The Iraqi bank had also, earlier, put on hold plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira. (Shutterstock) State-owned Trade Bank of Iraq (TBI) is expanding into China and the Gulf, seeking to lift its revenues from retail banking and international operations to 30 percent by 2022 from 25 percent now, its chairman said on Sunday. The bank plans to open a representative office in China in 2020 and is upgrading its license in Abu Dhabi to an asset management company from a representative office, explained Faisal al-Haimus. TBI’s revenues totaled $550 million in 2018 with trade finance contributing the lion’s share. Its retail and international operations business accounts for 25 percent of its revenues. The bank, owned by the Iraqi government and with assets of around $30 billion, helps fund about 80 percent of the trade finance business in Iraq. “With our expansion in China, Abu Dhabi and Saudi Arabia, retail and international business will contribute to 30 percent of our total revenues by end of next three years,” Reuters quoted Haimus as saying. Trade between Iraq and China is significant in both the public and private sector with Chinese oil companies active in Iraq and the private sector importing a lot from China, he said. TBI entered Saudi Arabia this year, opening its first branch in Riyadh. The branch, which will become fully operational in September, will focus on trade finance, he added. TBI has abandoned acquisition talks with a Gulf bank as the latter decided it doesn’t want to sell, Haimus noted. TBI was in talks to buy a Gulf bank with branches in the UAE and Qatar as part of a strategy to boost revenues outside its home market, he told Reuters in October. The Iraqi bank had also, earlier, put on hold plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira. However, it is still interested in acquiring a bank in Turkey, Iraq’s biggest trade partner. “There are a couple of banks we are still looking at, it is very early stages,” he said, declining to name them. Haimus pointed out that TBI plays a big role in the rebuilding of Iraq and infrastructure development, explaining that this will help bolster its balance sheet that has grown to $30 billion in size. The lender is also planning to launch a fund in the fourth quarter of 2019, focusing on lending to Iraqi banks for international trade as approvals are expected by October. Edited July 10, 2019 by 6ly410 2 Quote Link to comment Share on other sites More sharing options...
Theseus Posted July 10, 2019 Report Share Posted July 10, 2019 (edited) Developing countries trying to boost their economies are turning to China and in doing so are finding out when the China man cometh, they are in a world of hurt. The Chinese are strategically investing into countries around the globe for vital resources. South American countries are finding this out as well as African countries. China is after the oil and when a country cannot pay, China takes over their oil fields and ports. Doing business with China comes at a cost and that cost is not translated into currency but also government ideology such as communism. Beware Iraq, you play with a fire yet to be unfurled. Edited July 10, 2019 by Theseus 1 5 Quote Link to comment Share on other sites More sharing options...
zul Posted July 10, 2019 Report Share Posted July 10, 2019 1 hour ago, 6ly410 said: TBI entered Saudi Arabia this year, opening its first branch in Riyadh. The branch, which will become fully operational in September, will focus on trade finance, he added Fully operational in Sept. They are already there..... Why wait until Sept? What are they waiting for..? 😊 1 1 3 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted August 4, 2019 Report Share Posted August 4, 2019 TRADE BANK OF IRAQ CONTINUES STRONG ANNUAL GROWTH AND RECORDS IMPRESSIVE FINANCIAL RESULTS Sunday 04 August 2019 https://www.menaherald.com/en/money/banking/trade-bank-iraq-continues-strong-annual-growth-and-records-impressive-financial Faisal Al Haimus, Chairman & President of Trade Bank of Iraq Dubai - MENA Herald: Trade Bank of Iraq (TBI) achieved another consecutive year of expansion and growth with an increase in revenues and major growth recorded in key financial areas, according to an audit of the institution’s annual operations by Ernst and Young. Financial statements for the year ending 31st December 2018 reveal strong results for TBI as a result of year-on improvements across important sectors including net operating income, assets held, customer deposits and income from interest and commissions. The bank, which was established in 2003 and was recently recognized at the Achievements Forum Milan 2019, recorded a net operating income of USD590,623 million, an increase of 20 per cent compared to 2017. These strong earnings have resulted in TBI being ranked number one for their BIS Capital Ratio in the world by UK’s ‘The Banker’ magazine. TBI is making great strides towards reaching its strategic goals both in business and in assisting the ongoing reconstruction of Iraq as it continues to define its reputation as a competent institution with access to global financial networks. The bank’s success in reaching these goals was reflected in the Ernst and Young report, which detailed an impressive 30% increase in funds held in customer accounts, up from USD6,872,155 in 2017 to USD8,988,633 in 2018. TBI, who entered Saudi Arabia this year with the opening of its first branch in Riyadh, is working on expanding into China and the GCC, seeking to lift its revenues from retail banking and international operations to 30 per cent by 2022. The bank plans to open a representative office in China next year and is upgrading its license in Abu Dhabi to an asset management company from a representative office. TBI’s position as one of Iraq’s major financial institutions was reflected in a 57% increase in funds due from banks and other institutions in 2018, with USD7,484,465 due comparing to USD4,746,301 the previous year. Ernst and Young reported that the bank’s direct credit facilities were also boosted in 2018 to the figure of USD5,175,252, compared to USD5,117,138 in 2017. Assets held by TBI increased by 8% in 2018 with USD21,146,247 compared to 2017’s figure of 19,460,656. Last year also saw TBI register a 26% increase in income received from net interest and commissions, with USD550,271 received compared to USD433,389 in 2017. Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, said: “The last 12 months have been a successful time for Trade Bank of Iraq and our ongoing mission to facilitate the reconstruction of Iraq through the provision of high-quality financial products and services. “Over the last three years, TBI has been able to support businesses and financial institutions by providing an economic environment that empowered growth and expansion across many sectors. “The figures speak for themselves in terms of our financial performance, but growth such as this comes through both an accelerated expansion strategy and prudent risk management.” Over the last year, TBI has continued to invest in essential infrastructure across its national network. An indicator of its growth can be seen in the number of ATMs which increased to 137, up from 106 in 2017, while the number of employees was boosted by 122, rising from 1,294 in 2017 to 1,416 in 2018. Faisal added: “While we are happy to celebrate our successes over the last 3 years, we look forward to using these achievements as a launchpad to even greater things in the year ahead as TBI continues to build a better tomorrow for Iraq.” “As part of our strategic plan, we are aiming for retail and international business to contribute 30% of our total revenues by the end of the next three years through new product offerings and international expansion.” TBI will soon launch a fund towards the end of the year focusing on lending to other Iraqi banks for international trade. This comes at the back of another successful portfolio of financial products and services launched to retail customers across Iraq like ‘My Study’ product and the international investment vehicle ‘Dananeer Fund’. TBI recently announced a financial aid of over $843.1 million USD for the state-run Grain Board of Iraq to boost the agricultural sector in the country. The bank also recently transferred over 95 million USD, 50% of their net profit for the year 2018, to State Treasury to support and strengthen the economy of Iraq. As TBI moves forward with its strategic plan that will take the bank up to 2022, it continues to play a pivotal and influential role in Iraq’s ongoing recovery and regeneration. 5 Quote Link to comment Share on other sites More sharing options...
Big_J Posted August 4, 2019 Report Share Posted August 4, 2019 2 hours ago, 6ly410 said: TBI will soon launch a fund towards the end of the year focusing on lending to other Iraqi banks for international trade. This comes at the back of another successful portfolio of financial products and services launched to retail customers across Iraq 3 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted August 4, 2019 Report Share Posted August 4, 2019 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted August 27, 2019 Author Report Share Posted August 27, 2019 Industry is discussing with the Iraqi Bank cooperation frameworks to finance a number of industrial projects By mustafa k 27/08/2019 11:05 AM | Number Of Hits: 396 Ahd News - Baghdad Minister of Industry and Minerals Saleh Abdullah Al-Jubouri discussed with the Director General of the Iraqi Trade Bank(TPI) Faisal and Sam Alheims, the foundations of joint cooperation to finance industrial projects . "The two sides discussed during the meeting the most important industrial projects that need sufficient funds for the purpose of completing them and starting work and actual production, especially projects that have reached completion rates to advanced figures and discuss the possibility of signing an agreement with the bank," the ministry said in a statement. Iraqi Trade for the purpose of financing these projects ". Jubouri pointed to "the role of banks in attracting investments and achieve economic development, stressing in this regard the keenness and the Ministry of Industry and Minerals endeavor to open prospects for cooperation and coordination with official banks to promote the local industrial sector ". He added, "The ministry has many projects that need funds to be financed and completed to contribute to the strengthening of Iraqi industry and create jobs." For his part, the Director General of the Bank, ready to cooperate and coordination with the Ministry of Industry and Minerals to reach understandings and agreements serious and practical in a way that serves the industrial process in Iraq. 1 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted August 28, 2019 Report Share Posted August 28, 2019 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted September 15, 2019 Author Report Share Posted September 15, 2019 Parliamentary Commission reveals many problems in the Trade Bank Visa Card {TBI} Release date:: 9/15/2019 14:29 • 111 times read The head of the parliamentary information and communications committee, Naim al-Aboudi, criticized the technical and technical problems in the "Visa Card" issued by the Iraqi Trade Bank. Al-Aboudi said in a tweet on his Twitter account: "One of the advantages of developed countries offer banking transactions, but unfortunately is still a visa card issued by the Trade Bank of Iraq (TBI) where many technical and technical problems require accelerated treatment in order to contribute to the development of the banking sector in Iraq and rid it of Bank literacy virus ". is over 1 4 Quote Link to comment Share on other sites More sharing options...
yota691 Posted September 15, 2019 Author Report Share Posted September 15, 2019 Aboudi calls for the development of the banking sector and rid it of banking illiteracy virus By ahad5 15/09/2019 07:55 PM | Number Of Hits: 95 Ahd News - Baghdad "One of the advantages of developed countries is the provision of banking transactions," said Naeem al-Aboudi, a member of the Sadikoun parliamentary bloc. Aboudi said in a tweet on the platform "tensioning" and followed by "Al-Ahd News" what reads "" One of the advantages of developed countries offer banking transactions, but unfortunately still visa card issued by the Trade Bank of Iraq ( TBI)) It has many technical and technical problems that need to be addressed quickly in order to contribute to the development of the banking sector in Iraq and rid it of the banking illiteracy virus. Image from Tweet: Finished / 8 1 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted September 28, 2019 Author Report Share Posted September 28, 2019 «JP Morgan» awarded the Trade Bank of Iraq Award for Excellence in direct transfers Faisal Al-Hims, President of the Iraqi Trade Bank and Chairman of the Board receives the award from Ali Musa, Head of Banking at JP Morgan Chase for Central and Eastern Europe, Middle East and Africa Follow @sanadeq Funds - Abu Dhabi The Bank of Iraq won the Trade Excellence Award for Automatic Payment and Transfer (STP) from JP Morgan Chase Bank, to join the new award to a group of achievements during the year as one of the best banks in Iraq. Faisal Al-Hims, Chairman of the Bank of Iraq for Trade and Chairman of the Board of Directors, received the award during a recent ceremony in Beirut from Ali Moussa, Head of Banking at JPMorgan Chase for Central and Eastern Europe, the Middle East and Africa. The STP Award measures the quality of automated payments and transfers without any manual intervention. It is an indicator of the speed of transactions and helps to reduce margin of errors, operating cost and procedures. And risk. The award of the STP is based on the number of electronic transactions carried out by the bank, the percentage of international direct electronic transfer, and the measurement of whether the procedures meet the strict standards of JP Morgan Chase. The Trade Bank of Iraq succeeded through the assessment of `` JP Morgan '' for the measurement of STP to be among the limited banks around the world succeeded in winning the Award for Excellence in direct transfers by 99.00% MTI 103. The award comes as the culmination of his efforts in investment and development of basic infrastructure, and in the organization of his national network to provide the latest banking systems and services to customers. In addition, the bank has successfully expanded its branch and ATM chain and improved its banking capabilities by extending working hours and offering night deposit facilities. “We are very proud to receive this prestigious award. “This award culminates in our efforts to improve direct remittances, and seeks to address and develop international remittances to meet the growing and evolving needs of our customers. Ali Musa, Head of Banking at JPMorgan Chase for Central and Eastern Europe, Middle East and Africa, commented on the award: The focus on improving performance and transparency has contributed to the Bank's growth at the local and regional levels. ” BTC works continuously as one of the pillars of the Iraqi national economy, and continuously promotes the share of the Iraqi government by expanding its business locally and internationally. Encouraging and securing foreign investment has long been one of the main objectives of the Bank to promote investment in Iraq and provide its services as a reliable option for investors. In addition to the advancement of the Iraqi economy and contribute to reconstruction. “This award confirms the clear success achieved through the implementation of our strategy, which aims to set new standards in the Iraqi banking sector through innovation and outstanding performance. I take this opportunity to thank all the employees of the Bank for their dedication and effort that led us to this success and this award. ” It is worth mentioning that the bank has received a number of awards this year, including 'Best Achievements 2019' from the Forum of Achievements in Milan, and the International Finance Award, and the awards 'Best Local Bank in Iraq 2018' and 'Best Investment Bank in Iraq 2018' during a ceremony EMEA Finance World Bank Awards in the Middle East and North Africa (MENA), as well as winning the `` Best Commercial Bank in Iraq 2019 '' award at the Global Finance Awards in London. He was named 'Best Retail Bank' and 'Best Premium Bank' by International Finance magazine. The Bank continues to play a pivotal and influential role in the recovery and growth of the Iraqi economy through its strategic plan set up to 2021, and the Bank continues to achieve more trade in the region and the world with all banking and commercial sectors in order to achieve prosperity inside Iraq. 2 3 Quote Link to comment Share on other sites More sharing options...
yota691 Posted September 28, 2019 Author Report Share Posted September 28, 2019 Iraqi Bank wins STP Operations Excellence Award 23:35 Friday, September 27 2019 Iraqi Trade Bank won the award «Excellence in payment and automatic transfers STP from the bank« JP Morgan Chase », to join the new award for a series of achievements achieved by the bank during the year as one of the best banks in Iraq. The award was received by the bank's chairman and chairman Faisal Al-Hims during a recent ceremony in Beirut from Ali Mora, head of banking at JPMorgan Chase for Central and Eastern Europe, the Middle East and Africa. The award is the culmination of the Bank's efforts in investing and developing basic infrastructure and in organizing its national network to provide the latest banking systems and services to customers. In addition to the success of the bank to expand its branch and ATMs, and improve its banking capabilities by extending working hours and providing facilities for night deposits. Al-Hims said: 3 3 Quote Link to comment Share on other sites More sharing options...
Butifldrm Posted September 28, 2019 Report Share Posted September 28, 2019 (edited) Disclosure of the capital of the Iraqi Trade Bank 28 September 2019 - 8:55 BAGHDAD / Sumer News, said the Director General of the Trade Bank of Iraq Faisal al-Hmais, on Saturday, that the capital of his bank amounted to more than two billion dollars. Al-Humeis said in a press statement that "the capital of the Iraqi Trade Bank amounted to two billion and 300 million dollars." "The volume of banking transactions amounted to 25 billion dollars," he said. http://sumer.news/ar/news/42060/الكشف-عن-رأس-مال-مصرف-التجارة-العراقي Edited September 28, 2019 by Butifldrm 1 2 Quote Link to comment Share on other sites More sharing options...
new york kevin Posted September 28, 2019 Report Share Posted September 28, 2019 On 7/9/2019 at 8:20 PM, Theseus said: Developing countries trying to boost their economies are turning to China and in doing so are finding out when the China man cometh, they are in a world of hurt. The Chinese are strategically investing into countries around the globe for vital resources. South American countries are finding this out as well as African countries. China is after the oil and when a country cannot pay, China takes over their oil fields and ports. Doing business with China comes at a cost and that cost is not translated into currency but also government ideology such as communism. Beware Iraq, you play with a fire yet to be unfurled. These guys should turn to India instead. India is no longer up and coming, India has arrived. India directly competes with China. Google the INSTC The International Direct Trade Corridor verses Chinas BRI- Belt Road Initiative. 4 Quote Link to comment Share on other sites More sharing options...
Butifldrm Posted September 28, 2019 Report Share Posted September 28, 2019 BANK OF COMMERCE: IT IS NECESSARY TO DEAL WITH THE "US PUNISHED" IN DINARS Saturday, 28 September 2019 12:41 PM SHARE THIS ARTICLE: Baghdad / National News Center BAGHDAD (Reuters) - Dealing with Iraqi figures with US sanctions cannot be done in dollars, the head of Iraq's Trade Bank said on Saturday. He added in a statement to the National News Center, that "the sanctions on Iraqi figures prevent banking transactions with them in the dollar." "The dinar should be adopted instead." https://nnciraq.com/18396/ 7 Quote Link to comment Share on other sites More sharing options...
dinarham Posted September 28, 2019 Report Share Posted September 28, 2019 None of this could happen with a worthless currency 1 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted September 28, 2019 Report Share Posted September 28, 2019 (edited) Disclosure of the capital of the Trade Bank of Iraq Saturday, 28 September 2019 1:53 PM https://nnciraq.com/18399/ Baghdad / National News Center The Director General of the Trade Bank of Iraq Faisal Al-Hmais, on Saturday, that the capital of his bank amounted to more than two billion dollars. Al-Humeis said in a statement to the National News Center, that "the capital of the Trade Bank of Iraq amounted to two billion and 300 million dollars." He explained that "the volume of banking transactions amounted to 25 billion dollars." Edited September 28, 2019 by 6ly410 4 Quote Link to comment Share on other sites More sharing options...
yota691 Posted October 5, 2019 Author Report Share Posted October 5, 2019 Bank of Commerce: It is necessary to deal with the "US punished" in dinars September 28, 2019 23 visit BAGHDAD / SNG - The Director General of the Trade Bank of Iraq, Faisal al-Humeis, said on Saturday, that dealing with Iraqi figures who have US sanctions can not be in dollars. He added in a statement to the National News Center, that "the sanctions on Iraqi figures prevent banking transactions with them in the dollar." "The dinar should be adopted instead." 1 3 5 Quote Link to comment Share on other sites More sharing options...
southbeach Posted October 5, 2019 Report Share Posted October 5, 2019 So be it! 2 3 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted October 5, 2019 Report Share Posted October 5, 2019 For God's sake stop talking about it and bloody well do it ! Your country is descending into ANARCHY. I'm venting I know; but gosh dammit all ! 3 1 4 Quote Link to comment Share on other sites More sharing options...
Theseus Posted October 7, 2019 Report Share Posted October 7, 2019 On 10/5/2019 at 1:18 PM, horsesoldier said: For God's sake stop talking about it and bloody well do it ! Your country is descending into ANARCHY. I'm venting I know; but gosh dammit all ! 2 2 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted November 24, 2019 Author Report Share Posted November 24, 2019 Document: The Prime Minister agrees to the Iraqi Trade Bank to launch small and medium loans Bank of Iraq logo «Economy News» Banks Economy News - Baghdad Got "Economy News" on the document confirms the approval of the Prime Minister to the Iraqi Trade Bank to participate in the initiative of the Central Bank to lend to small and medium enterprises. "The Prime Minister's approval was obtained on the recommendations of the advisors' committee in our office contained in the Authority's letter no. The bank will lend investors and businessmen to small and medium enterprises and re-run the stalled factories under certain conditions. The document indicates that the most important of these conditions "80% of the project is financed after completion of 20% by the investor and that the repayment period of the loan (10) years with periods of repayment only for the first and second years depending on the opening of the credit and the value of the credit itself, and at interest Annual not more than 3%. The rest of the conditions relate to "the project to be a guarantor of 75% of its value and not to impose any fees other than the fees to open the credit recognized." Views: 29 Date Added: 24/11/2019 2 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted December 13, 2019 Report Share Posted December 13, 2019 Bank of the Year 2019 - Iraq: Trade Bank of Iraq 299 views•Dec 4, 2019 The Banker Faisal Al Haimus of Trade Bank Iraq discusses the highlights of the past year and the bank's international expansion plans with Middle East and Africa editor John Everington 4 Quote Link to comment Share on other sites More sharing options...
DinarThug Posted December 13, 2019 Report Share Posted December 13, 2019 (edited) 15 minutes ago, 6ly410 said: Bank of the Year 2019 - Iraq: Trade Bank of Iraq Bank Of The Week - Davis 14th Federal Mobile Banking ! Edited December 13, 2019 by DinarThug 1 4 Quote Link to comment Share on other sites More sharing options...
Man_Kind Posted December 14, 2019 Report Share Posted December 14, 2019 On 6/20/2017 at 8:46 AM, bostonangler said: One big step forward, let's hope there's not two steps back. B/A Don't you mean one giant leap ? Just saying.😋 2 Quote Link to comment Share on other sites More sharing options...
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