Reuters quoted Hussein Al-Uzri, president and chairman of Trade Bank of Iraq, as saying that the bank plans to invest in medium-sized projects in industries including oil services, power and hotels.
The bank will look to identify a global player to act as the fund’s general partner next month.
The bank, which was established in 2003, also plans to open branches in London and Beirut this year and eventually aims to open offices in North America and East Asia, with China also being a possibility.
The bank also plans to add eight domestic branches this year to its current branch network of 15.
The bank had $15bn in assets at the end of 2010, a level it aims to expand by about 15% this year.
It earned net profit of $386M last year, and is looking to grow that by about 20% in the current year, according to Reuters.
