Saudi Central Bank verbally approves the opening of an Iraqi bank branch in Saudi Arabia


Faisal Al-Hims, Chairman and Acting Chief Executive Officer of the Iraqi Bank of Commerce, said on Sunday that his bank obtained verbal approval from the Saudi Arabian Monetary Agency (SAMA) to open a branch in Saudi Arabia.
“We have applied for a branch license in Saudi Arabia and we have already received verbal approval from Sama,” he said in remarks on the sidelines of a branch of the Iraqi bank in Abu Dhabi.
The Iraqi Trade Bank has been trying to enter the UAE and Saudi markets for several years, but was waiting for the right opportunity.
The Iraqi Commercial Bank is owned by the State of Iraq and its main activities are trade finance, but it seeks to enter the areas of project finance and industrial and agricultural finance.

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