CTL wins processing contract for Trade Bank of Iraq

Trade Bank of Iraq's suite of products will include a Visa Classic Card targeted for travel and entertainment usage and a Visa Electron salary card. Following the launch of its card portfolio, the bank will immediately deploy 10 Automatic Teller Machines in Baghdad. This constitutes the initial stages of the bank's long term strategy to introduce modern, mass financial delivery systems into Iraq.

Since its inception in 2003, the Trade Bank of Iraq has succeeded in modernizing Iraq's trading financial systems beyond all expectations - it has issued a remarkable 1482 Letters of Credit to over 64 countries to date. It became a principal member of Visa in 2004, and has consistently demonstrated its strong commitment towards the reconstruction of Iraq, through a continued development of its financial services and infrastructure.

Badawi Al Naqeeb, Deputy General Manager of Trade Bank of Iraq, said "CTL was selected as the ideal processing partner by Trade Bank of Iraq. It assisted TBI in coordinating with various parties to launch our card product in record time, utilizing its good offices with the payment systems. Furthermore, we were impressed by its unique ability to adapt and perform successfully under challenging conditions, guaranteeing operational excellence amidst Iraq's existing harsh conditions."

Donna Halpin, Head of Processing Services at CTL, said "Card Tech Limited fully supports the reconstruction and development of Iraq's financial systems". She continued to say "We are delighted that we have been selected as the processor for the Trade Bank of Iraq's card issuing and acquiring business. This is testament to our convincing successful track-record in the cards industry, and our expanding processing service."