«Warkaa» is preparing to merge with Standard Chartered

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«Warkaa» is preparing to merge with Standard Chartered

Baghdad / follow-up to the future: announced «Bank« Warka »Iraqi private close its merger with Standard Chartered British, at the request of the Iraqi Central Bank raising capital all private bank to 250 billion Iraqi dinars ($ 200 million) by the end of 2013. The Executive Director for «Warkaa» Mohammed al-Samarrai, a merger agreement reached its final stages between the Iraqi banks and the British, what gives first the bank's ability to fund major projects. He stressed that the merger of the bank with a foreign institution giant will increase the confidence of customers and the government and the Central Bank of Iraq. Was the Iraqi Central Bank called for private banks to merge with each other, to ensure the formation capitalized facilitate the work of financial and strengthen citizen's confidence in them. The source of the «Union of Iraqi banks» that «private banks reject the merger, being family banks and financial institutions not in the true sense. Every family want to sit on the throne of the financial institution is not shared by the family of a second. The source explained that the first merger agreed upon will be between four private banks, pointing out that «no solution to these banks only a merger, being obliged to submit a financial statement end of 2013 to the Central Bank that it raised its capital to 250 billion Iraqi dinars». Operates in Iraq six Arab and foreign banks especially are «ABC» Bahrain and «Turkish Agricultural Bank» (زرات) and «Bank Melli Iran and the Lebanese banks 'Byblos' and 'Intercontinental' and« Beirut and the Arab countries. The Iraqi financial institutions are seven state banks, five of which are concerned with the affairs of specialized industrial, commercial and housing, and 30 private banks, of which seven are Islamic.

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August 19, 2011
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