Saudi Arabia sees launch of first Iraqi bank in Riyadh

Saudi Arabia sees launch of first Iraqi bank in Riyadh
TBI holds 80% of the market share in Iraq

Riyadh - Mubasher: Trade Bank of Iraq (TBI) has opened a branch in Saudi Arabia, becoming the first Iraqi bank to launch in the kingdom.

Iraq’s deputy prime minister and finance minister Dr. Fuad Hussein has opened TBI’s branch in Saudi Arabia, according to a press release on Thursday.

The wholly government-owned TBI holds 80% of the market share in Iraq. The bank has opened its first international branch office in Al Olayya District of Riyadh and will be operating in the near future.

“TBI’s presence in the KSA will also allow the bank to further promote investment opportunities in Iraq and to establish relationships with key institutions within the country’s banking and finance sectors,” the press release added.

It is noteworthy that the Iraqi government is implementing several projects in Saudi Arabia in different fields to boost bilateral relations.

Fuad Hussein commented: “This is an important step towards reinforcing our relationship with the Saudi government and we look forward to advancing bilateral ties between Iraq and Saudi Arabia.”

Earlier on Thursday, it was announced that Saudi Arabia and Iraq have signed 13 contracts to step up economic cooperation between the two Asian nations on the sidelines of a meeting between the Saudi and Iraqi ministers.