Akbank Joins Management Of The Trade Bank Of Iraq

ISTANBUL - Akbank has been the only Turkish bank which joined the management of The Trade Bank of Iraq.
Akbank noted on Tuesday that J.P. Morgan Chase & Co. consortium won the tender put out for foundation and management of The Trade Bank of Iraq which was expected to ensure finance to reconstruction of Iraq which was devastated by the war.
Akbank is among the 13 leading banks of the world which formed the consortium. The Trade Bank of Iraq would start working this month.
The other banks which are in the consortium are as follows: ''J.P. Morgan Chase & Co from the U.S.; Standard Chatered Bank from the U.K.; National Bank of Kuwait SAK from Kuwait, Bank Millenium SA from Poland, ANZ from Australia; The Bank of Tokyo-Mitsubishi Ltd. from Japan; Sanpaolo IMI SpA from Italy; Royal Bank of Canada from Canada; Credit Lyonnais from France; Caja de Ahorros Y Pensiones De Barcelona from Spain; Standard Bank Group Ltd. from South African Republic; Banco Commercial Portugues from Portugal.''
Akbank's Director General Zafer Kurtul said that Akbank would have significant cooperation with leading banks of the world.
Kurtul said, ''we are very proud of Akbank's representing Turkey in establishment and administration of the Trade Bank of Iraq which will play a very critical role in reconstruction of Iraq which was damaged seriously due to war.''
Stating that the Trade Bank of Iraq which would also contribute to development of foreign trade volume between Turkey and Iraq, would be managed by the consortium comprising of 13 leading banks of the world including also Akbank, Kurtul said that it was of great importance for both Akbank and Turkish economy.
Stressing that Akbank would fulfil this duty in the best way with its powerful team which had international esteem and experience, Kurtul said that they were very pleased that Akbank would provide its customers with a share from potential trade volume in the process of reconstruction of Iraq.
The Trade Bank of Iraq will mediate foreign trade transactions and give financial services.
The bank will grant finance to big imports that the interim government council and ministries will need for reconstruction of Iraq.
Akbank, which is one of important members of the consortium, will mediate all commercial transactions with Iraq, open or confirm letters of credit in favor of the Trade Bank of Iraq and extend financial technical support and give training to the bank.
(Öª-EÖ-AÖ) 02.09.2003