In a period of over two years since Trade Bank of Iraq started its business operations Bank Millennium has served nearly 500 exports contracts to Iraq. The companies-exporters from over 30 countries in the world have been the beneficiaries of the instruments issued by the bank so far.
 
"There have not been any Polish businesses yet," reported Paweł Rawa, the Director of Financial Institutions Department at Bank Millennium S.A., "since very few of them have been successful in the tenders arranged by the Iraqi bodies and companies entitled to purchase goods and services, which are financed from the funds of the Iraqi budget, abroad. It is a pity because on the list of the commercial suppliers to this country served by Bank Millennium, there are tens of both larger- and smaller-scale businesses from such countries as Germany, Austria, Italy, Spain, Great Britain, Greece, Turkey, Belgium, Switzerland, all Scandinavian countries as well as Czech, Slovakia, Croatia, Slovenia, Russia, Latvia and even Romania and Bulgaria".
 
Among the exporters to Iraq that are served by Bank Millennium and the remaining banks of the consortium there are mainly food producers, pharmaceutical companies, medical equipment makers, machine suppliers and companies involved in accomplishing the projects connected with reconstruction of the basic technical facilities and utilities required for smooth performance and development of this country's economy. The largest single contract served by Bank Millennium in the above mentioned area is worth over $200 mln and is being handled by one of the Scandinavian companies.
 
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Bank Millennium is a member of the international bank consortium established in 2003, whose goal is to support the performance of Trade Bank of Iraq as a financial institution responsible for the settlement of contracts singed between the Iraqi importers (mainly ministries, government's bodies and state-controlled companies) and overseas exporters of goods and services to this country.
At first the above mentioned consortium (so called Operating Consortium) consisted of five banks: JPMorgan Chase Bank (its leader and coordinator), Australia & New Zealand Banking Group (ANZ Bank), Bank Millennium SA, National Bank of Kuwait and Standard Chartered Bank. In October 2005 the above-mentioned group was enlarged of five other large-scale banks of well-recognised image and position in the international banking business.
 
In scope of the contracts signed with Trade Bank of Iraq and the Iraqi authorities, the members of the consortium open - at the request of TBI – documentary letters of credit in favour of the overseas exporters handling the supplies to Iraq, permitting them the secure sales without any risks connected with the financial position of that country. Apart from that, the banks of the consortium deal with - in co-operation with TBI - serving all sorts of bank guarantees required by the Iraqi contracting parties in the process of contracting particular goods and services supplies (for example, bidding guarantees, good execution of contracts and return of advanced payment).