JPMorgan Expands Iraqi Business

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.

(Source: Bloomberg)

One Response to JPMorgan Expands Iraqi Business

  1. Edward July 11, 2013 at 4:37 pm #

    Amazing how we hear nothing about the Big Investment Boy’s moving into Iraq from American mainstream media.They are not moving into Iraq because they are concerned about so-called political or social instability. They are moving in because there is nothing but big profits to be made in Iraq.I am so glad I got into Iraq over 2 years ago investing. This time the Big Boy’s are going to make me (the little guy)Big returns!