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13/07/26 11: 30


The World Bank looked forward to Iraq's mixed with fear

Mayank Malik, "says Director Bank Citibank in Jordan and Iraq, we look to Iraq to that larger goal, adds" see Iraq giant prepares to promote ", but that vision and appetite for global banks to enter Iraq, political tensions and inhibiting deterioration of security



Baghdad/Obelisk: show global banks including Citibank and Standard Chartered wished to find a foothold in Iraq, but this desire often collide with several negative factors in the undergoing political and security tensions, fighting continued.

And with tens of millions of potential customers who have only a few bank accounts, Iraq represents an ambitious target of banking institutions, especially now that the Iraqis are looking to more banking services available to them.

However, the old Covenant laws, most banks controlled by the Government, and the weak infrastructure of the sector, in addition to a huge number of other obstacles, such as the continuing political conflict and deteriorating security situation, make the banking business in the country are not guaranteed results.

A Western diplomat said "," it "is most likely Iraq rich market for banking.

He returned to talk about the Iraqi market during the past few weeks after major banks began including Citibank and chartered stnaderd in an attempt to consolidate the moving presence in Iraq.

Say "mayank Malik, Director, Banco Citibank in Jordan and Iraq, said" we look to Iraq to that larger goal ", adding" we believe Iraq's giant prepares to advance. "

"We consider ourselves among the top candidates, and we want to have priority".

The Bank will Citibank initially to service existing customers, who are working on the energy companies operating in the oil-rich fields.

But long-term, the multinational Bank will seek to move to commercial banking and service, although no timetable was put in place so far.

And holds Citibank great hopes for Iraq, which is expected to Bank economists reported a population of 50 million people with an economy worth almost $ 2 trillion by 2050.

The latter figure represents 15 times the present capacity of the economy, roughly equivalent to the size of the economy of India.

With the development of the private sector, become full banking services required, as Iraqis currently have limited opportunities to obtain loans, insurance, credit cards, mortgages and other services.

And while the owner said he was optimistic about the prospects of the banking sector in Iraq, there are fundamental obstacles to the development of this sector.

While Citibank decided to open an Office in Iraq last month, the HSBC Bank later announced that he would withdraw from the Bank "Dar es Salaam" which owns 70% of its shares.

A spokesman for "HSBC" it "at this stage we can provide more details about the process and timing of change."

However, diplomats and analysts pointed to a number of difficulties including the lack of modern systems to give Iraqis confidence in the process.

Even Iraqis who have bank accounts they are unable to use the ATM or banking services via the Internet or even the ability to access their accounts from different branches of the same bank.

Some Iraqi banks issued credit cards, but there are places in the Iraqi market accepts the handle.

A Western diplomat says conditions are not ripe to engage in individual banking.

Often local companies complain that banks are unwilling to lend, or demanding expensive safeguards and unacceptable.

The World Bank estimates the Iraqi banking credit amounted to less than 10% of GDP in 2010.

The awareness of this figure was in comparison to 55 percent in the rest of the Middle East.

According to thamir, the Chief advisers of the Iraqi Prime Minister "must avoid the accumulation of cash into State banks, but the use of funds for lending to be part of the private system".

Ghadhban adds "better technology, as well as reductions in processing times and staffing levels and there is also a need to change the attitude towards customers.

He explained that bank employees do not provide them with the service but on the contrary situation, adding "they must attract customers and not push them out."