By John Lee.
The Abu Dhabi Islamic Bank (ADIB) is the latest bank to expand business in Iraq, according to a report from The National.
Currently the only UAE lender to operate in Iraq, ADIB plans to open a branch in Basra before the end of the year after it opened a branch in Erbil in October. The bank obtained a licence from Iraq’s central bank in 2010 and opened its first branch in Baghdad shortly after.
“With Iraq rebuilding its economy through investing in its infrastructure, energy and industry, we are seeing growing demand for our banking services, from foreign companies doing business in Iraq as well as from local companies that are looking for capital and world class services …
“We are in the process of extending our branch network and launching a new consumer banking solution that includes long-term deposits accounts, auto finance and property finance in the near future …
“[ADIB] is already a fully fledged corporate and consumer bank in Iraq, providing cash management, trade [letters of credit and guarantees] and foreign-exchange services.”
ADIB is only the second foreign bank to enter the market by starting a branch from scratch rather than through a partnership. The first foreign bank to do so was Byblos Bank of Lebanon.
(Source: The National)