The bank established in 2003 with the initial purpose of providing letters of credit (L/Cs) to help Iraq rebuild its economy after the fall of Saddam Hussein's regime has opened a representative office in Abu Dhabi.

On opening its new office, Trade Bank of Iraq (TBI) became the only Iraqi trade finance provider with a UAE presence.

The wholly government owned bank's new office is located in Abu Dhabi Global Market on Al Maryah Island.

International profile

This is the first international office for TBI, which holds an 80 per cent market share in the Iraqi banking sector.

The establishment of the bank in Abu Dhabi aims to raise the bank's regional and international profile in a district where several global and Middle Eastern financial institutions are located.

The bank's UAE presence will also allow TBI to promote investment opportunities in Iraq.

L/C history

Providing L/Cs was TBI's prime purpose in 2003 when it was established with the aim of helping in the reconstruction of Iraq by facilitating international trade after the end of the UN's oil-for-food programme.

It now has relationships with 134 major banks across 63 cities in 39 countries.

At the end of 2016, the Baghdad based bank had offices in 25 locations in Iraq, total assets of US$19.7 billion and reported a net profit of $453.9 million.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.