Trade Bank in talks to Buy a Gulf Lender

By John Lee.

The state-owned Trade Bank of Iraq (TBI) is reported to be in talks to buy a Gulf bank with branches in the United Arab Emirates (UAE) and Qatar.

Chairman Faisal al-Haimus told Reuters that talks are underway and the purchase is expected to be completed in six to eight months. The name of the bank was not disclosed.

According to the report, Haimus was in Abu Dhabi to sign a 100 million euros ($115.5 million) loan agreement with Germany’s Commerzbank to enable it to support small and medium sized projects in Iraq.

More here.

(Source: Reuters)

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