Arab News: The National Bank of Iraq has opened its first branch in Saudi Arabia, becoming the first Iraqi lender to engage in banking activities in the Kingdom, the CEO announced in a tweet.
Yazeed Abunayyan added the bank will be able, through its new branch in Riyadh, to provide banking services and facilities and cover the untapped sectors in the Saudi trade market, Asharq reported.
NBI is affiliated to Capital Bank Group, in which the Saudi Public Investment Fund has a 24 percent stake.
It is the second Iraqi bank to obtain a license from the Saudi Central Bank to practice banking activities in the Kingdom, after the Trade Bank of Iraq, which obtained a license, but has not started activities yet.
Abunayyan noted that the bank will have the opportunity to increase its market share in the total commercial transactions between Saudi Arabia and Iraq by providing services to strategic corporate clients and facilitating their commercial transactions.
This comes as part of the group’s expansion strategy, which is currently operating in Jordan, Iraq, Saudi Arabia and the UAE.
https://www.arabnews.com/node/2151846/business-economy
