Britain’s Standard Charter Bank is preparing to work in Iraq

Term Press / Baghdad Management announced the British Standard Chartered Bank, Monday, has announced the opening of three branches in southern and central Iraq and north, indicating that foreign companies operating in it, especially the British and Korean are looking for financial services “more supportive” in their work there.

Said Executive Director of the bank, Mike Reese, as Britain’s Telegraph newspaper quoted, seen by long-Presse, “The British bank سيفاتح Iraqi officials on whether to allow him to open his three commercial branches in Baghdad, Basra and Arbil.”

He added Reese, that “the name of the commercial bank is characterized confidence,” adding that the bank was “in contact with JP Morgan U.S. financial services and investment to establish a branch trade him in Iraq and to provide its services in reconstruction projects since the outbreak of the war in Iraq in 2003 has also to open a representative office in Arbil, the capital of the Kurdistan region of Iraq. “

The Executive Director of the bank, that “the second step in our work after opening the representative office of us is that we proceed in services supporting the growth process,” noting that if “we listened to our customers Koreans, British, and others working in the energy companies, oil and gas in Iraq, they would ask us open branches in Basra and Erbil and without doubt in Baghdad, which is the commercial center. “

And remember Reese, “bank customers Koreans are involved in the establishment of power stations and reconstruction of infrastructure operations in Iraq, while the British Petroleum company conducts oil and gas projects in order to reach production rates set for it.”

He continued Executive Director of Standard Chartered Bank Albraitunai, Mike Reese, that those “companies want us to exist in Iraq to help finance their business,” Msttrda we “are in talks with Iraqi officials in this regard is the second phase in our aspiration to work in this country and this is what we aspire him. “

It is noteworthy that Standard Chartered Bank was established in 1969, through the merger of two banks separate, two Standard British South African, and the Bank of lawyers in India, Australia and China, benefiting from the expanding trade between Europe, Asia and Africa, and works in the bank currently 87 thousand people, talking 170 language, representing 130 nationalities, and has more than 1,700 office branches or sales outlets in 70 countries around the world.

International companies complain of weak financial structure, and the Iraqi banking, is that it constitutes one of the main obstacles that prevent opening up to the market broader Iraqi estimated, which prompted the Central Bank of Iraq to allow a number of foreign banks to enter the Iraqi market.

The director of the Association of Iraqi private banks, Abdul Aziz Hassoun, said in a press statement, in the 22 of February 2012, that there are six Arab banks and foreign operating in Iraq, are Arab Banking Corporation Bahrain, the Agricultural Bank of Turkey (aprons), Melli Iran, Lebanon’s Byblos , Antrcntintl and Beirut and the Arab countries, noting that the financial institution Iraqi consists of seven state banks, five of them specialist cares for the industrial, commercial and housing, while the number of private banks to more than 30 banks, seven of them Muslim and all subject to the law of Iraqi banks, which passed in 2003 .

The Goldfinch, that five foreign banks contribute to the banking arena Iraqi, mostly banks post with local banks, also opened ten branches of Arab and foreign banks again, while made a lot of requests to the Central Bank, through Arab banks and the Gulf, Bahrain, UAE, Kuwait, and other foreign , to open branches.