A Branch of Iraqi Commercial Bank approved by Saudi Arabia

The Iraq-Saudi relations have shown a new move of financial collaboration after granting the Iraqi Commercial Bank to open a branch in the Saudi Kingdom. A Saudi official informed that Saudi Arabia is empowering the Iraqi financial structure and participating in the stability of prices in the current geopolitical situation. The general secretary of the Committee for Information and Banking Awareness, Talaat Hafez informed press that after Australia, Canada, and Singapore, the issuance of license for Commercial Bank of Iraq to open a branch in the Saudi Kingdom will be profitable and valuable for Iraq, the Iraqi Central Bank, and the Saudi banking sector. He added that the entry of Iraqi Commercial Bank into the Saudi market will get various benefits for the Iraqi banking system. Point to be noted that the Saudi banking system has been considered one of the best banking systems in the Arab region and international markets. The Saudi banking environment is best in terms of strength, banking payment systems, forcefulness, and diversification.

Saudi Arabia and Iraq

Hafez pointed out that Fitch’s rating of the World Bank ensures the Saudi banking sector the 4th best banking system in the world, following Canada, Australia, and Singapore. It clearly indicates that the Iraqi Commercial Bank using the Iraqi banking system in the Saudi market would get benefit from the best banking environment. He predicted that the Iraqi banking system will take advantage through the presence of Iraqi Commercial Bank from a safe and powerful banking environment in the Saudi Kingdom. It would be more beneficial in creating a state of stability in the Iraqi financial and banking market. Hafez explained that the entry of the Iraqi banking system in the Saudi market represents one of the benefits of political understanding between both countries. It would strengthen relations and a significant amount of strategic partnerships between Iraq and Saudi Arabia.

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