TBI puts Bank Acquisition Plans on Hold

By John Lee.

The state-owned Trade Bank of Iraq (TBI) has reportedly put plans to buy a Turkish commercial bank on hold because of the fall in the Turkish lira.

TBI chairman Faisal al-Haimus told Reuters that the bank is keen to expand its footprint in Turkey, Iraq’s largest trading partner.

According to the report, TBI has assets of around $20 billion, and is responsible around 80 percent of the trade finance business in Iraq.

(Source: Reuters)

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