29.01.2004
Visit of President of Central Bank of Iraq in Bank Millennium
Bank Millennium in an international consortium of banks responsible for organising and processing of transactions of the Trade Bank of Iraq.
On 29.01.2004 Dr. Sinan Al-Shibibi - President of the Central Bank of Iraq stayed in Warsaw upon invitation of Bank Millennium SA.
The visit of the representative of central financial institution of Iraq in Poland was connected with the launch a few weeks ago of operation by the Trade Bank of Iraq (TBI).
The agenda of the visit of Dr. Sinan Al-Shibibi included i.a.: consultations with representatives of the Polish Ministry of Finance, Ministry of Foreign Affairs, National Bank of Poland and management of Bank Millennium as well as participation in a seminar organised by Bank Millennium for customers and representatives of Polish companies looking forward to bidding in Iraq's import tenders.
____________________________________
Trade Bank of Iraq was established as an institution with the main task being financial processing and clearing of Iraqi foreign trade transactions as well as making payments to foreign companies, which will be delivering goods and services under official contracts for reconstruction of Iraq. In the performance of these tasks TBI is directly supported by an international consortium made up of five banks, which won the tender in August 2003 for organisation and servicing transactions of the Trade Bank of Iraq.
The consortium (the Operating Consortium) is made-up of following banks:
- JPMorgan Chase Bank
- Australia & New Zealand Banking Group
- Bank Millennium SA
- National Bank of Kuwait
- Standard Chartered Bank
JPMorgan Chase is the co-ordinator of the consortium, while Bank Millennium is a member in its own right and also the only banker seated in Poland and Central and Eastern Europe, directly involved in servicing of the above-mentioned transactions.
With questions about the rules of operation of the Trade Bank of Iraq Operating Consortium, banking service of Polish exports to Iraq and the role of Bank Millennium S.A. please contact:
Paweł Rawa
Director of Department of Financial Institutions
Bank Millennium SA
tel: +48 22 598 15 64
e-mail: pawel.rawa@bankmillennium.pl