Trade Bank of Iraq in talks to acquire a Gulf lender: chairman | Reuters

Trade Bank of Iraq in talks to acquire a Gulf lender: chairman | Reuters:

Trade Bank of Iraq (TBI) is in talks to buy a Gulf bank with branches in the United Arab Emirates and Qatar as part of a strategy to boost revenues outside its home market, its chairman said on Wednesday.

The talks are underway and the purchase is expected to be completed in six to eight months, Faisal al-Haimus told Reuters. He did not disclose the name of the bank.

The move comes after TBI said in August it had put on hold its plans to buy a commercial bank in Turkey due to the weak lira.