Arab Today, arab today standard chartered in talks to acquire private bank in iraq
Last Updated : GMT 20:55:21
Arab Today, arab today
Arab Today, arab today

Standard Chartered in talks to acquire private bank in Iraq

Arab Today, arab today

Arab Today, arab today Standard Chartered in talks to acquire private bank in Iraq

Baghdad - Arabstoday

Standard Chartered Bank has held talks with one of Iraq\'s biggest private banks over its possible acquisition.Negotiations with Warka Bank are still in the early stages, according to a bank official. \"It\'s not final until it\'s absolutely final,\" he said. The lender has a network of 120 branches in Iraq.It comes as the country\'s central bank calls on banks to increase the size of their capital to US$214 million (Dh786m) and submit financial statements before the end of 2013.The regulator wants to reduce the number of local lenders and attract foreign investment into the sector.A merger would \"put the bank in a very strong position and give the ability to finance major projects\", said Mohammad Al Samerai, the executive director at Warka Bank in Baghdad.Standard Chartered Bank declined to comment yesterday.Warka Bank has been suspended from trading on the Iraq Stock Exchange for more than a year as it faced difficulty in its business operations and struggled to increase its capital after the central bank introduced minimum capital requirements of 50 billion dinars (Dh155.6m) in 2009, raised to 100bn dinars by last year. That would have increased to 150bn dinars next year and 250bn dinars 12 months later. \"Warka Bank had to find a suitor, there was no way they could make up the capital,\" said Hal Miran, an analyst at Rabee Securities, a broker based in Erbil. \"They have not generated new business, not made any loans, they owe a lot of companies large amounts of money,\" said Mr Miran. \"Standard Chartered Bank will benefit by getting a licence to operate in Iraq, which is now becoming increasingly difficult for foreign banks to obtain, in addition to a network of branches and infrastructure already in place.\" There are 43 banks in Iraq, with the sector dominated by seven state-owned institutions, while the private sector accounts for just 10 to 15 per cent of deposits. In a country of 39 million people, there are only 700 to 800 bank branches.Private banks were permitted in the late 1990s under Saddam Hussein, in a sector that had been nationalised since the 1960s. But many are small, family-run entities with limited operations.Some foreign banks have already acquired stakes in Iraqi institutions. HSBC owns 70 per cent of Dar Es Salaam Bank, and National Bank of Kuwait has a 75 per cent stake in Credit Bank of Iraq.\"Over the coming period, we will see more M&A [mergers and acquisitions] activity in Iraq\'s banking industry as international banks come into the arena and either buy out smaller banks or come on their own,\" Mr Miran said. From / The National

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today standard chartered in talks to acquire private bank in iraq Arab Today, arab today standard chartered in talks to acquire private bank in iraq

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday