Foreign banks are looking for utility and not to support the country’s banking system

Association of private banks: foreign banks are looking for utility and not to support the country’s banking system when coming to the country

Date: 13/02/2013 12:38:37 Wednesday

Baghdad (news) .. Ruled the Executive Director of the Association of private banks Abdul Aziz Hassoun, supporting the country’s banking system and develop when the arrival of international banks to open branches in Baghdad and the provinces, because they are looking for their own interest.
Hassoun said (of the Agency news): The initiative of the British Standard Chartered Bank to open three new branches in Iraq will not add anything to the Iraqi banking sector because it than earn profits and for his own benefit.

He noted: that the Iraqi banking system consists of (50) banks, manages all things financial and banking in the country, so it does not need foreign banks, adding to say, that international banks come to Iraq to take advantage of some of the facilities granted to them by the laws of the country for the purpose of work and seeking profits.

He added: that the British bank had previously announced the opening of an executive office in Erbil, and has attempted to buy some banks in Iraq, and now we do not know what Standard Chartered Bank is planning in the future to work in the country.

The administration Standard Chartered Bank announced its intention to open 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.

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. / end / 8. n. p /