View Full Version : Standard Chartered Bank preparing to launch operations in Arbil next month

Hue Mi
11-28-2013, 09:46 PM
Standard Chartered Bank is preparing to launch its operations in Arbil next month after being inaugurated today in Baghdad (http://www.burathanews.com/news_article_220104.html)


Ali Salman-28/11/2013-6: 41 am | Hits: 64

Standard Chartered Bank said that the first World Bank launches full banking operations in Iraq and had plans to open a branch in Arbil in northern Iraq in December and one in Basra in the first half of the year 2014 after it opened its first branch in Baghdad on Wednesday.

He said in a statement that he was seeking "to meet the growing demand for banking services from its global clients in Iraq, particularly in the sectors of electricity, oil, telecommunications, infrastructure."

Standard Chartered is in Iraq since 2006 through its representative office in Erbil.

And Standard Chartered Bank British activities in Iraq Wednesday and hoped to benefit from major infrastructure projects in the country, which is trying to rebuild itself after years of war.

Standard Chartered within a limited number of foreign banks operating in Iraq which witnessed rapid economic growth thanks to its oil production, but at the same time suffer from the worst violence for at least five years.

And security concerns and political climate and complex regulatory some international companies from Iraq. And HSBC tries NBC exit from Iraq by selling its stake in Dar es Salaam Investment Bank.

Standard Chartered, however, said he was optimistic about the economy, which is expected to grow by nine percent this year versus 6.7 percent last year.

The Bank opened its headquarters in the country and the first in the neighborhood in Baghdad on Wednesday.

Gavin said Wishart, Executive Chairman of the Bank's operations in Iraq, "the Iraqi Government is planning huge infrastructure projects require financing solutions."

And a relatively small number of foreign banks in the country where the banking sector is dominated by two State-owned banking namely Rafidain and Rashid banks therefore find other banks difficult competition.

Since last year was opened by Abu Dhabi Islamic Bank Qatar National Bank offices in Iraq. Bank Audi plans to launch its activities in the country. And in June it said Citigroup Bank will open a representative office in Baghdad