Trade Bank of Iraq to establish Saudi branch

By John Lee.

The state-owned Trade Bank of Iraq (TBI) has reportedly received verbal approval from the Saudi Arabian Monetary Authority (SAMA) to open a branch in Saudi Arabia next year.

Chairman Faisal Al Haimus told The National in Abu Dhabi that the bank will launch an asset management business in Abu Dhabi.

The lender is considering several options to expand its presence in the GCC region.

(Sources: The National, Reuters)

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