Trade Bank of Iraq (JP Morgan) Links more ...
21/09/2011Trade Bank of Iraq: New procedures for granting investment loans
Recovered after 20 percent of its loans are troubled
Baghdad, Hussein Yasser incumbent Tgb
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TBI recovery of more than $ 211 million of bad debts during a period of three months from the receipt of his new administration. Announced in a seminar on an expanded General Manager of Trade Bank of Iraq Hamdiya dry in the presence of a large crowd of customers the bank and the administrations of its branches. Goodwill and guarantees
And said I have inherited during the short time that we took the responsibility of bank loans accumulated numbers and large sums of money and some of them granted without collateral and we were able to recover 20 percent of them during the Three months after the great efforts and legal action taken by the bank.
$211 million
And noted that the bank in the Kurdistan region branches and there are huge sums granted we were able to recover $ 73 million just from a branch of Arbil and Baghdad Looking back 138 million 26 thousand dollars, and these were debt accounted for 5060 percent for doubtful because of the chaos that we talked about.
and brought back memories of that goodwill was the guarantee for the granting of loans and facilities, but there are those who care about the reputation of trade means that safeguards are in place for these loans.
banking policy seriously
dry, alluded to the determination of the bank adopts a policy of banking balanced and sophisticated reservation for parties of their legal rights from our duties in the maintenance of public money from being wasted because most of the loans granted are based on a courtesy, and said if the good faith really, the doors of the bank wide open for any investments in accordance with the guarantees to debtors defaulting them this opportunity in the event proof of good faith and review the bank to settle the debt and Jdoladtha.
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doors bank is open to debt settlement and said that we are fully aware of market volatility, which is one of the reasons for the failure of borrowers, in turn we are our doors open in order to settle the matter on the basis that the customer is serious about show of good faith.
interest rate cut
She said in her speech that the Bank is going to study the rate of interest and work to reduce it after the examination and approval by the Board of Directors of the Bank.
After that official spoke Department appropriations Ayad al-Azzawi of the problems faced by the bank which is the subject of concessions to partners, including confuse the work of the bank reflects the reality confusing to work problems that exist even now, adding that the new policy, set the subject to rely exclusively to the person who issued the credit in his name, and suggested that the reasons for the delay of credits and a defect in the application form of credit and this is not the responsibility of the Bank, but the responsibility of departments, which called for reliance, and that the bank will check the credit and then publish it on the second day.
Administrative measures and then legal, then official spoke of the legal department for abstaining on the repayment of loans, pointing out the legal measures taken after the exhaustion of warnings and published in newspapers to repay discharged because the money the bank is a public property, and in the case of non-response to some of them Fsnljo to take legal action, and after discussions and inquiries made by customers during the symposium reviewed the Hamdiya dry the new procedures in the granting of loans and facilities and even the opening credits.
Confirmed that the bank grants loans after the submission of a feasibility study for the project to be implemented by the committees, and reiterated that the bank is working to address all the problems experienced by the bank.
trust reporters are very high
And then touched on the activities of the bank the other, represented by seeking to open new branches inside and outside Iraq
And on the external level, we are about to open branches in Beirut and a representative office in London and will open a branch in Turkey, as required by the business dealings .
She said that the bank has regained the confidence of its correspondents abroad after they were heard to be influenced by those previous proceedings, but now, after the measures taken by the team was able to restore confidence in bank after the meetings that were held inform them of the new measures and banking work well.
credit cards
Dry also noted The number of current accounts opened in the bank amounted to 5 thousand a savings account and 3 thousand in the accounts of the bumper in addition to the current deposits also have a Division-money laundering task checking balances.
In the other services provided by the bank to issue credit cards and bank member of the Alvezacart World Almastrkat global and export types.
As Asaddarna Credit Card and Gold Card (in dollars) and we are going to issue a card Anafti the finest International Cards in which the privileges of customers.
The participants in this symposium of customers expressed their thanks and appreciation for the transparency and disclosure demonstrated by the Director-General on the present problems, and then touched, constraints and solutions, emphasizing to restore confidence in Bank of Iraq trade as the only window of Iraq in the outside but is the starting point in addressing the banking business next year.
The number of customers have made some complaint about the obstacles they face in dealing with the bank and promised the new management, overcome them and resolve and we and the customers will be watching the new measures of in service of our country's economy.
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