BAGHDAD, The Iraqi Trade Bank has announced the opening of a branch in Saudi Arabia after obtaining the official license from the Saudi Council of Ministers.
"This important addition to the Bank's achievements will strengthen banking and trade relations between the two countries and expand the work between them, while adding to the Iraqi banks a new experience of its kind for the first time," the head of the Iraqi Trade Bank, Faisal Al-Hims, said in a press statement.
For his part, Secretary General of the Committee on Information and Awareness Banking, spokesman for the Saudi banks Talaat Hafez said that the approval of the license to the Iraqi Bank for Trade to open a branch in the Kingdom of Saudi Arabia will be of benefit to Iraq and the Iraqi Bank and the Saudi banking sector.
"The Bank's entry into the Saudi market will achieve several positive advantages for the Iraqi banking system in the first place. The Saudi banking environment is one of the best banking environments in the Arab, regional and international markets in terms of strength, and diversity, relating to banking or bank payment systems .
Source: National Iraqi News Agency