Stephen Timewell looks at the US-led consortium charged with establishing the Trade Bank of Iraq which will have a major role in the reconstruction of the country.
A consortium of 13 international banks, led by the US’s JP Morgan Chase & Company, has won the mandate to run the recently formed Trade Bank of Iraq (TBI). The Coalition Provisional Authority (CPA) in Iraq established the Trade Bank on 17 July to support Iraqi reconstruction through trade finance services and JP Morgan beat off stiff competition from at least four consortiums each led by major US banks, Bank of America, Bank One, Citibank and Wachovia.
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