The first branch of government-owned trade finance bank, Trade Bank Iraq (TBI), was opened in Riyadh on Thursday.
The branch, located in Al-'Olayya district, will start its operations soon, it said in a statement.
TBI’s presence in the Kingdom will also allow it to further promote investment opportunities in Iraq and to establish relationships with key institutions within the country’s banking and finance sectors.
“This is an important step towards reinforcing our relationship with the Saudi government and we look forward to advance bilateral ties between Iraq and Saudi Arabia,” said Fuad Hussein, deputy prime minister and finance minister of Iraq.
TBI already has a representative office in Abu Dhabi, UAE.
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