Dubai: Trade Bank of Iraq (TBI) was ranked among the Top 1,000 World Banks 2020 for the third consecutive year by the UK’s prestigious Banker magazine in recognition of its efforts in providing excellent services and developing its trade offering on par with global standards and matching market expectations.
The Banker is the world’s premier banking and finance resource, providing global financial intelligence since 1926. The Banker’s Top 1,000 World Banks ranking has been setting the industry benchmark since 1970, providing comprehensive intelligence about the health and wealth of the banking sector.
Cementing its international standing for its high quality service and product offerings, TBI climbed up in its global rankings by an impressive 26 positions from 2019 to be ranked 319 in terms of Tier one Capital for 2020 rankings .
TBI recently increased its capital to USD 3 billion (3.5 Trillion Iraqi Dinar) for the year 2020 from USD 2.3 billion (2.7 Trillion Iraqi Dinar) in 2019 aimed to raise the bank’s financial strength in line with the new strategic vision for 2020-23.
Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, said: “We are honoured to be ranked among the world’s best financial institutions and the improvement in our overall rankings is a recognition of what we’re building and the way we’re conducting our business.
“TBI’s strength derives from its commitment to serve customers and communities across Iraq, as well as connecting Iraq to the international world of commerce to provide the needs of our country and citizens.”
TBI was also recognised by the Banker Magazine ranking it 29th among the top banks in the Middle East region.
Trade Bank of Iraq (TBI) had recently announced US $5 million in funding to support Iraqi Ministry of Health’s efforts to combat the threat of COVID-19 with the funds contributing towards acquiring appropriate resources in response to the coronavirus.
Faisal added: “In these tough situations beset with challenges in the wake of the COVID-19 pandemic, we have shown resilience and an outstanding capacity to adapt in the face of instability.
“Being ranked in the Top 1,000 ranking is a true testament to the strength and stability of the bank.”
About Trade Bank of Iraq (TBI)
The Trade Bank of Iraq was established in 2003 and is the top commercial bank in the country. The bank holds approximately 80% of the trade finance business in Iraq and ranked 1 among Arab banks in terms of cost to income ratio and 319 globally in terms of Tier 1 capital. It has established 25 branches across Iraq, offering a wide range of banking services to all customers including companies, individuals and government institutions to widen its customer base and expand into new markets.
© Press Release 2020