Trade Bank of Iraq (TBI; Arabic: المصرف العراقي للتجارة) was established in July 2003 to facilitate Iraq's domestic and international trade dealings once the United Nations Oil-for-Food Programme ended in 2003. TBI was established by the Coalition Provisional Authority on 17 July 2003 as an independent government entity to provide financial services to facilitate import and export of goods and services to and from Iraq. TBI was licensed by the Central Bank of Iraq and commenced its operations one month after the decision to establish it as a government financial institution had been taken. Since then, TBI has grown into a leading bank in Iraq through strengthening its financial position, assets, and equity. TBI started with paid-up capital of USD 5 million (authorised capital: USD 100 million) in July 2003 and the paid-up capital increased to IQD 1.75 trillion (USD 1.5 billion) as at the close of 2015 by capitalisation of retained earnings. TBI recorded an annual profit of USD 454 million during 2016. The bank quickly developed into an organization with an asset base of USD 19.7 billion as at the close of 2016. More information...
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