By John Lee.
JPMorgan Chase is the latest international bank after Citigroup and Standard Chartered to expand business in Iraq, reports Bloomberg.
The company has just signed a one-year agreement to help the Trade Bank of Iraq (TBI) finance imports of goods and services, John Gibbons, managing director and EMEA regional executive, told the news agency.
“Our focus is to open more letters of credit through the Trade Bank of Iraq on behalf of the government and its ministries,” he said.
JPMorgan helped set up TBI, the country’s largest bank for trade finance, to facilitate imports needed for Iraq’s postwar reconstruction.