Standard Chartered Bank received license for trading in Iraq

07 Sep 2013

$100 billsAccording to a statement, received from the website of the Central Bank of Iraq, it has been derived that the Central Bank of Iraq has issued license for operating in Iraqi banking sector to Standard Chartered bank. The branch of Standard Chartered will be into business operations from the end part of this year, as speculated by the Central Bank of Iraq and mentioned in the same statement. It has to be noted that Standard Chartered has had a representative office in Erbil since 2006.
A statement emailed from the bank said, “The Middle East is one of Standard Chartered’s strategic markets and we have been operating in Iraq since 2006 through a representative office. We are glad to receive the branch license by the Central Bank of Iraq to expand our on-the-ground presence in the country. Standard Chartered plans to open three branches in Baghdad and Erbil by the end of 2013 and Basra during next year. Our main aim is to meet the increasing banking needs of our global network clients in Iraq, notably in the Power, Oil, telecoms and Infrastructure sectors.”
With the venture of Standard Chartered bank, it has been anticipated that Iraqi banking sector will do well in forth coming days and common Iraqi people will also start trusting privatized banks, as they trust the state owned banks.
Source: CP Financial | By S.Seal