BAGHDAD (Reuters) - Chairman of the Board of Directors and Acting Chief Executive Officer of the Iraqi Bank of Commerce (Hukoomi) Faisal Al-Hims 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," Homs said in comments on the sidelines of a branch of the Iraqi bank in the UAE capital.
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.
The relations between Iraq and Saudi Arabia have improved this year after years of apathy, but the past months have seen the opening of one of the most important land crossings between the two countries, "Arar" and the resumption of air traffic for the first time in a quarter century. Finished