Report: global banks planning to open branches in Iraq

Report: global banks planning to open branches in Iraq

August 25, 2014 9:47

Report - global banks planning to open branches in IraqConfirmed a British bank, that a lot of international banks want to open branches in Iraq to facilitate the work of enterprises of their countries which, while criticized financial expert CBI for allowing opening of these branches without forcing the implementation of a number of businesses that serve the country, to become competitive with national banks and the source and drain foreign currency. The chief executive of Standard Chartered Bank, British, decaffeinated and Wishart, according to the newspaper (the long-Presse) that “among global banks a strong desire to work in Iraq to facilitate the work of the large number of international companies and the British in it,” adding that “the Iraqi banking sector in significant progress in terms of follow the modern technologies and benefit from international experiences in operations can about the future of access to the ranks of international banks. ”

Wishart added, that “the work of the Standard Chartered Bank customer service is limited to international companies that have a connection with the British projects in Iraq,” adding, “but this does not preclude the provision of assistance to the Iraqi banking sector through training Mlakath.”

But financial expert Abdul Aziz Hassoun, criticized the work of international banks in the country, and allow the Iraqi Central Bank to be open “competition Iraqi banks and not supportive,” attributing it to being “offers companies the benefit of their countries on the reality of the Iraqi financial sector.”

He said Hassoun, a former president of the Association of Iraqi banks, in an interview to the (long-Presse), “The opening of branches of international banks in Iraq, including British, adds nothing to the banking sector or the financial Iraqi, for confining their work to firms of their countries”, returned to the “contrary to custom financial advocated by the laws of the Iraqi banks.”

According to financial expert, that “the work of those branches draining foreign currency in Iraq because of conversions carried out by”, stressing that “the branches of international banks do not employ a part of the funds deposited in or you are transferring in development projects or grant loans to promote projects various Iraqi, so form a rival Iraqi banks and not supportive. ”

And saw Hassoun, that “any citizen or Iraqi businessman can not open an account in any of the branches of international banks, which should welcome this,” pointing out that “its policy prohibiting it because it came to implementing the interests of not only personal.” He criticized the financial expert, “the CBI action,” accusing him of being “granted licenses to branches of international banks without forcing the implementation of a number of businesses that serve the country, such as loans and establish what projects recorded a negative point against it.” In Iraq, there six foreign banks, most notably Standard Chartered Bank, which opened in November of 2013.