Proposed conversion of private banks to large financial institutions will support the financial sector
Financial Advisor: Proposed conversion of private banks to large financial institutions will support the financial sector
On: Saturday 06/23/2012 12:25
Baghdad (news) .. Supported the financial advisor to the North Bank for Finance and Investment wholesome Elias Abou, a proposal the central bank to transfer the private banks to large financial institutions with capital is high, because it will support the financial sector and gain the trust of the public.
said Abbou (of the Agency news) on Saturday: The most developed countries where there is financial institutions, large and small operating controls and the laws of its own to regulate the Financial Action Task Force which through the integration of small banks in order to become a financial institution with a capital is high. He explained: there are difficulties facing Iraqi banks when combined because of the dominance of banking or control of the family “which means the department that owns the bank,” This difficult to melt and create new entities when combined into a single institution and with a single label. He added that the proposal of the Central Bank of the creation of large financial institutions from the private banks is good, but needs to be controls require those institutions to provide services and facilities to the citizens first, and then investors. and Central Bank his intention to transfer the Iraqi banks to financial institutions, civil large operate independently within the guidelines and laws set. / Finished / 8. d. Q /