Arab News July 26, 2018 01:21 1 Trade Bank of Iraq (TBI) has revealed plans to open its first branch in Saudi Arabia after receiving approval from the Saudi Arabian Council of Ministers. Continuing its international foray across the Middle East since opening a representative office in Abu Dhabi last November, TBI now plans to open its next branch in Riyadh and be fully operational by the end of this year. Since the Saudi Arabian Monetary Agency (SAMA) approved its commercial banking license, TBI’s board of directors have expressed plans to expand in Turkey, strengthening its market presence across the region. Faisal Al-Haimus, chairman of TBI, said: “We are pleased to receive requisite approvals and licensing from the Saudi Arabian Monetary Agency (SAMA). This is a significant development in the overall growth of TBI’s business model and demonstrates our commitment to cement TBI’s international credentials as an effective institution with strong creditability in the global banking space. “The Saudi market is a key element of our international expansion strategy as it facilitates the growing bilateral trade between our nations. “The recently opened representative office in Abu Dhabi has allowed us to promote investment opportunities in Iraq and to establish relationships with key institutions within the UAE’s banking and financial sectors.” TBI was ranked No. 1 in the cost to income category in the Middle East by The Banker, a global economic and financial affairs magazine. It was also ranked 332 globally in terms of Tier 1 capital in the annual survey of the world’s top 1,000 banks. These milestones come on the heels of TBI recently celebrating its 15th anniversary at an exclusive event in Baghdad. The celebrations were kicked off by Mudher Saleh, adviser to Iraq’s prime minister, and Al-Haimus. Saleh said: “Trade Bank of Iraq is the market leader when it comes to product innovation and customer service. This is a result of successfully applying the best international banking practices by using the latest technology and investing in human resources. “The TBI management has seized every opportunity to contribute to Iraq’s economic growth and development, creating opportunities for our individual and corporate clients to grow and prosper.”