The National Bank of Iraq is starting to provide its banking services and solutions in the Saudi market

The National Bank of Iraq, affiliated to the Capital Bank Group, has announced the start of providing its banking and financial services in the Saudi market, after all procedures related to the licensing of the opening of its first branch in Riyadh and the beginning of his banking business was completed. in the Saudi market This plan comes within the framework of the expansion strategy of the group that currently operates in Jordan, Iraq, Saudi Arabia and the United Arab Emirates.

The National Bank of Iraq, which has obtained the approval of the Saudi Council of Ministers and the Saudi and Iraqi Central Bank to open a branch in the Kingdom of Saudi Arabia, aims to facilitate trade between Iraq and Saudi To encourage and facilitate Arabia in view of the increasing growth of exports between the two countries. The presence of this branch will provide an opportunity for the bank to expand the scope of service provided to its clients from the corporate sector located in Jordan, Iraq, UAE and Saudi Arabia by providing commercial services to them directly.

The Chairman of the Board of the Capital Bank Group, Basem Khalil Al-Salem, expressed his pride and pride that the National Bank of Iraq started its business in the Saudi market, which is one of the most powerful economies in the world today, and has promising opportunities at the investment and economic level, indicating that the bank’s presence in the Kingdom of Saudi Arabia comes as a translation for the expansion strategy implemented by the group, through which it seeks to consolidate its position and competitiveness in the Arab and regional banking markets.

Al-Salem indicated that the bank’s entry into the Saudi market will contribute to increasing the volume of trade exchanges between Iraq and Saudi Arabia by building a network of banking relationships with major institutions and companies involved in the commercial sector. the Kingdom of Saudi Arabia is operating.

For his part, the CEO of the National Bank of Iraq / Saudi Branch, Yazid Abunayan, explained that the National Bank of Iraq, by providing all banking services and various banking facilities, will be able to cover the untapped sectors in the Saudi trade market. , and 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.

Abunayan added that the National Bank of Iraq has started providing its banking services in the Saudi market, as bank accounts have been opened for a number of Saudi companies, enabling them to benefit from an integrated set of banking services provided by the Iraqi National Bank provided. to its corporate clients, including receiving remittances and credits Documentary from Iraq, smoothly and quickly.

Abu Nyan appreciated the efforts made by the governors of the Saudi and Iraqi Central Banks and the two working teams in the two banks to provide the necessary facilities for the National Bank of Iraq to conduct its business in the Kingdom of Saudi Arabia to do, Saudi Arabia.

Some of the most prominent services and financing solutions that the bank branch will provide in the Kingdom of Saudi Arabia are; remittance services within and outside Saudi Arabia, issued and incoming credits, issuance of letters of guarantee and guarantees, direct facilities and fixed deposit accounts for companies, in addition to providing advisory services to Saudi companies wishing to establish businesses in Iraq.

On the sidelines of the visit of a delegation of the Capital Bank group to the Kingdom of Saudi Arabia, the chairman of the board of directors of the group, His Excellency Bassem Khalil Al-Salem, accompanied by a delegation of the executive management of the Group, met with the Deputy Governor of the Saudi Central Bank for Control and Technical Affairs, dr. Khaled Al-Zaher, meeting during which Al-Salem praised the efforts of the Central Bank of Saudi Arabia. Facilitating the process of establishing a branch of the National Bank of Iraq in the Kingdom.

Al-Salem and the accompanying delegation also met with the President of the Export, Export and Saudi Bank, His Excellency Saad Al-Khalb, to discuss opportunities to improve economic relations between Iraq and Saudi Arabia, of which the ceiling of financing is mainly raised. granted to the group, in a way that improves opportunities for trade exchange between Saudi Arabia and Iraq.

The Capital Bank Group delegation also held a meeting with a number of leading banks in the Kingdom of Saudi Arabia to strengthen banking relations between these banks and the Capital Bank Group.

The delegation took advantage of its presence in the Kingdom of Saudi Arabia and held meetings with many potential clients in Saudi Arabia to strengthen economic relations and prospects for cooperation between the National Bank of Iraq and the community of businessmen and economists in the Kingdom of Saudi Arabia.

With the aim of discussing ways to facilitate commercial transactions between Iraq and Saudi Arabia, the delegation met with the head of the Saudi Export Development Authority, Abdul Rahman Al-Thukair, who in turn emphasized the importance of removing all obstacles to overcome, the most important of which is the facilitation of banking transactions, in which the National Bank of Iraq will play a major role.

It is worth noting that the National Bank of Iraq and Capital Bank signed a credit ceiling agreement with the Saudi Exim Bank with the aim of supporting importers of Saudi goods and products in Jordan and Iraq, in addition to financing the exports of Saudi companies support. import companies.

The National Bank of Iraq has also signed several agreements to finance trade between Iraq and Saudi Arabia, the most important of which is the financing agreement signed with the Saudi Fund for Development (SFD), whereby the fund granted credit ceilings to facilities thereby granting Iraqi investors who wish to import products and services from Saudi companies, which have been fully exploited.

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