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The Iraqi Trade Bank suspends plans to buy a commercial bank in Turkey

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The Iraqi Trade Bank suspends plans to buy a commercial bank in Turkey

Thursday 16 August
1993
Alsumaria News / Baghdad


The Commercial Bank of Iraq (CBB) has suspended its plans to buy a commercial bank in Turkey, saying it is monitoring the status of the Turkish lira.

"The bank has suspended plans to buy a commercial bank in Turkey because of the sharp decline in the Turkish lira," Reuters quoted the chairman of the Iraqi Trade Bank Faisal Al-Hims as saying.

"Turkey is a very important market for Iraq and we want to study the situation before it enters," he said.

"The Turkish lira is unstable and we are monitoring the situation to see if it will stabilize before entering."

"The Iraqi Trade Bank would prefer to enter Turkey through an acquisition and it was discussing the purchase of a Turkish commercial bank," he said, adding that

"the Commercial Bank will serve as a commercial arm of Iraq in Turkey and facilitate exports from Iraq to Turkey."

The Iraqi government-owned bank, with assets of about $20 billion, is responsible for supporting about 80 percent of Iraq's trade finance activities.

Homs said the bank was seeking to expand its foothold in Turkey, Iraq's biggest trading partner.

The Turkish currency lost more than 40 percent of its value against the US dollar this year as investors worried about Turkish President Recep Tayyip Erdogan's economic policies, as well as a recent diplomatic row between Turkey and the United States.

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