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Trade Bank of Iraq: New procedures for granting investment loans

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Trade Bank of Iraq: New procedures for granting investment loans


Recovered after 20 percent of its loans are troubled

Yasser Hussein, Baghdad incumbent Tgb

Detect TBI TBI recovery of more than $ 211 million of bad debts during a period of three months from the receipt of his new administration. Announced in a seminar on an expanded General Manager of Trade Bank of Iraq Hamdiya dry in the presence of a large crowd of customers and departments of the bank branches.

Goodwill and guarantees

She has inherited during the short time that we took the responsibility of bank loans accumulated numbers and large sums of money and some of them granted without collateral and we were able to recover 20 percent of them within three months after the great efforts and legal action taken by the bank.

$ 211 million

They noted that the bank in the Kurdistan region branches and there are huge sums granted we were able to recover $ 73 million just from a branch of Arbil and Baghdad Looking back 138 million 26 thousand dollars, and these were debt is a rate of 50 to 60 percent for doubtful because of the chaos that we talked about.

The echoes of that goodwill was the guarantee for the granting of loans and facilities, but there are to care about the reputation of the business means that safeguards are in place for these loans

Serious banking policy

Dry, alluded to the determination of the bank adopts a policy of banking balanced and sophisticated reservation for parties of their legal rights from our duties in the maintenance of public money from being wasted because most of the loans granted are based on a courtesy, and said if the good faith really, the doors of the bank wide open for any investments in accordance with the guarantees and even defaulting debtors have the opportunity to prove in the event of good faith and review the bank to settle the debt and Jdoladtha.

Doors open for the settlement of bank debt

She added that we are fully aware of market volatility, which is one of the reasons for the failure of borrowers, in contrast we open our doors to settle the matter on the basis that the customer is in a serious show of good faith.

Interest rate cut

She said in her speech that the Bank is going to study the rate of interest and work on reduced after study and approval by the Board of Directors of the Bank.

After the official spoke of credit department Ayad al-Azzawi of the problems faced by the bank which is the subject of concessions to partners, including confuse the work of the bank reflects the reality confusing to the work of the existing problems so far, noting that the new policy has identified the subject to rely exclusively to the person who issued the credit in his name, and suggested to that of the reasons for the delay of credits and a defect in the application form of credit and this is not the responsibility of the Bank, but the responsibility of departments that rely demanded that the bank credit check and then publish it on the second day.

Administrative measures and legal and

Then the official legal department for abstaining on the repayment of loans, pointing out the legal measures taken after the exhaustion of warnings and published in newspapers to repay discharged because the money the bank is a public property, and in the case of non-response to some of them Fsnljo to take legal action, and after discussions and inquiries made ​​by customers During the seminar reviewed Hamdiya dry the new measures in the granting of loans and facilities and even the opening credits.

She stressed that the bank grants loans after the submission of a feasibility study for the project to be implemented by the committees, and reiterated that the bank is working to address all the problems experienced by the bank.

Very high confidence of reporters

Turning to other activities of the bank, represented by seeking to open new branches inside and outside Iraq

On the external level, we are about to open branches in Beirut and a representative office in London and will open a branch in Turkey, as required by the business dealings.

She explained that the bank has regained the confidence of its correspondents abroad after being vulnerable because of his reputation to the previous proceedings, but now, after the measures taken by the team was able to restore confidence in bank after the meetings that were held to inform them of new measures and banking work well.

Credit cards

Dry also noted that the number of current accounts opened in the bank amounted to 5 thousand a savings account and 3 in the accounts of thousands of bumper in addition to the current deposits also have a Division-money laundering task checking balances.

In the other services provided by the bank to issue credit cards and bank member of the global and Alvezacart Almastrkat global and export types.

Asaddarna as credit card and gold card (in dollars) and we are going to issue a card Anafti the finest International Cards in which the privileges of customers.

The participants in this symposium of customers expressed their thanks and appreciation for the transparency and disclosure demonstrated by the Director-General on the present problems, and then touched and obstacles and solutions, stressing that restoring confidence in Bank of Iraq trade as the only window of Iraq in the outside but is the starting point in addressing the banking business next year.

The number of customers have made ​​some complaint about the obstacles they face in dealing with the bank and the new administration has promised to overcome them and solve customers and we will monitor the new measures in order to serve our country's economy.

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