Abu Dhabi Islamic Bank recently announced a plan to expand operations in Iraq following announcements by other lenders including JP Morgan, Citi Bank, and Standard Chartered. By the end of the year, ADIB will operate three branches in Baghdad, Basra, and Erbil.
ADIB’s plans for expansion are part of a larger strategy to grow its international network; with Iraq’s increased oil production and the country’s strengthening economy, ABID saw growth opportunity.
“With Iraq rebuilding its economy through investing in its infrastructure, energy and industry, we are seeing growing demand for our banking services, from foreign companies doing business in Iraq as well as from local companies that are looking for capital and world class services,” said an ADIB official.
ADIB also boasts a unique position in the Iraqi financial sector as it is “a fully fledged corporate and consumer bank in Iraq, providing cash management, trade [letters of credit and guarantees] and foreign-exchange services.” This major distinction contrasts with other foreign banks that opened branches in country with cooperation with local banks.
For the original April 5, 2014 piece from The National referenced in this summary, click here.