saradise Posted July 7, 2013 Report Share Posted July 7, 2013 (edited) JPMorgan Deepens Iraq Business After Citi, Standard Chartered By Khalid Al-Ansary & Nayla Razzouk - Jul 7, 2013 8:21 AM ET JPMorgan Chase & Co. (JPM) is the latest international bank after Citigroup Inc. © and Standard Chartered Plc (STAN) to expand business in Iraq as OPEC’s second-largest producer boosts crude oil output and rebuilds its economy. JPMorgan signed a one-year agreement yesterday to help the Trade Bank of Iraq finance imports of goods and services, John Gibbons, managing director and EMEA regional executive for the New York-based bank, said in an interview in Baghdad. “Our focus is to open more letters of credit through the Trade Bank of Iraq on behalf of the government and its ministries,” he said. Iraq, with the world’s fifth-largest proven oil reserves, is modernizing its infrastructure and energy industry after decades of sanctions, war and neglect. It produced 3.2 million barrels a day of crude in June, according to data compiled by Bloomberg, and targets output of 3.5 million barrels by the end of the year. The government is boosting spending by 18 percent in 2013 to $118 billion, and the International Monetary Fund forecasts an annual economic growth rate of 9 percent, the fastest after Libya among 18 countries in the region. Iraqi officials are in talks with international banks about the opening of offices and branches in the country, Abdul-Basit Turki, acting governor of Iraq’s central bank, said today in an interview in Baghdad. “It is a rich market and the investment opportunities are huge,” Turki said. Banking GrowthForeign banks were barred from the country until after the 2003 U.S.-led invasion ousted the government of Saddam Hussein. Today, 15 international banks operate in Iraq, competing with seven state banks, 23 private lenders and nine banks operating under Islamic rules, according to the central bank’s website. Citigroup plans to open representative offices and branches in Baghdad and the cities of Basra and Erbil to benefit from an estimated $1 trillion of infrastructure spending, Mayank Malik, the U.S. bank’s chief executive officer for Jordan, Iraq, Syria and the Palestinian territories, said in a June 27 interview. The lender is among international banks seeking to finance a pipeline to export Iraqi oil and natural gas through Jordan, Nateq Balasem Khalaf, deputy director general of Iraq’s State Company for Oil Projects, said July 4. Standard Chartered has said it will open branches this year in Baghdad and Erbil, followed by a third office next year in Basra, a southern oil hub. Import PaymentsThe agreement with JPMorgan will help the Trade Bank of Iraq “open more letters of credit that we’re in need of,” TBI chairman and president Hamdiyah Al Jaff said in an interview in Baghdad yesterday. JPMorgan helped set up TBI, the country’s largest bank for trade finance, to facilitate imports needed for Iraq’s postwar reconstruction. Banks in the country are set for growth in earnings and assets as a surge in lending in Iraq outpaces much of the Middle East, according to Singapore-based Sansar Capital Management LLC, which runs a fund with $30 million invested in Iraqi equities. Iraq’s rising oil exports and a drop in the prime lending rate to 6 percent from 17 percent in 2008 are feeding the expansion. The five largest privately owned banks boosted their combined net income by 207 percent from 2010 to 2012 and more than doubled earnings per share. Iraq’s stock exchange drew investors in February when mobile operator Asiacell Communications PJSC listed after a $1.3 billion share sale, in the Middle East’s biggest initial public offering since 2008. The country’s two other mobile operators, Zain Iraq and Korek Telecom, plan to sell shares in IPOs to comply with their license requirements. Iraq is the biggest oil producer, after Saudi Arabia, in the Organization of Petroleum Exporting Countries. Edited July 7, 2013 by saradise 11 Link to comment Share on other sites More sharing options...
Catluver67 Posted July 7, 2013 Report Share Posted July 7, 2013 The floodgates have been opened! Come on RV! 2 Link to comment Share on other sites More sharing options...
kwg Posted July 7, 2013 Report Share Posted July 7, 2013 Good find saradise Link to comment Share on other sites More sharing options...
IQD1217 Posted July 7, 2013 Report Share Posted July 7, 2013 (edited) Let the investors begin !! It's like a run away train now!! Edited July 7, 2013 by IQD1217 1 Link to comment Share on other sites More sharing options...
Frank61 Posted July 7, 2013 Report Share Posted July 7, 2013 Great post saradise !! Just another solid development this week !! Link to comment Share on other sites More sharing options...
Roadrunner Posted July 7, 2013 Report Share Posted July 7, 2013 More good news. Link to comment Share on other sites More sharing options...
arewethereyet777 Posted July 7, 2013 Report Share Posted July 7, 2013 Another great article! Thanks Saradise! Link to comment Share on other sites More sharing options...
IQD1217 Posted July 7, 2013 Report Share Posted July 7, 2013 Iraqi officials are in talks with international banks about the opening of offices and branches in the country, Abdul-Basit Turki, acting governor of Iraq’s central bank, said today in an interview in Baghdad. “It is a rich market and the investment opportunities are huge,” Turki said. Link to comment Share on other sites More sharing options...
supergirl Posted July 7, 2013 Report Share Posted July 7, 2013 good stuff. thanks saradise! Link to comment Share on other sites More sharing options...
zigmeister Posted July 7, 2013 Report Share Posted July 7, 2013 Veery good. Where Citibank goeseth, JP followith. Link to comment Share on other sites More sharing options...
WISKY291 Posted July 7, 2013 Report Share Posted July 7, 2013 Thanks, looking good. great post. Link to comment Share on other sites More sharing options...
saradise Posted July 7, 2013 Author Report Share Posted July 7, 2013 Veery good. Where Citibank goeseth, JP followith. LOL! Zigmeister - I tried to pm you earlier, but it said you couldn't receive pms, so I'll just tell you here that I really like your posts! Link to comment Share on other sites More sharing options...
zigmeister Posted July 7, 2013 Report Share Posted July 7, 2013 LOL! Zigmeister - I tried to pm you earlier, but it said you couldn't receive pms, so I'll just tell you here that I really like your posts! Thanks saradise. I can't? Maybe I have activate them or something. Link to comment Share on other sites More sharing options...
saradise Posted July 7, 2013 Author Report Share Posted July 7, 2013 Thanks saradise. I can't? Maybe I have activate them or something. I'm not positive, but I think you have to be VIP...? I don't know what the criteria is... I just know some members can't receive pms and some can. Link to comment Share on other sites More sharing options...
zigmeister Posted July 7, 2013 Report Share Posted July 7, 2013 I'm not positive, but I think you have to be VIP...? I don't know what the criteria is... I just know some members can't receive pms and some can. I don't have VIP, so thats why. Link to comment Share on other sites More sharing options...
supergirl Posted July 7, 2013 Report Share Posted July 7, 2013 (edited) i agree saradise the ole' zigmeister does rock! Edited July 7, 2013 by supergirl Link to comment Share on other sites More sharing options...
Bandit795 Posted July 7, 2013 Report Share Posted July 7, 2013 That's a Rothschild bank! Very interesting. Remember dearly departed SWFG's post about the Rothschilds??? Link to comment Share on other sites More sharing options...
aliciadogz Posted July 7, 2013 Report Share Posted July 7, 2013 Its coming out the bag folks. 1 Link to comment Share on other sites More sharing options...
Amos9:13 Posted July 7, 2013 Report Share Posted July 7, 2013 yeap, like I had mentioned let competition set in. Also BANKS DO NOT GO where they CAN'T make money. So if they are heading to IRAQ then they know something is down the road. All of these naysayers who talk about Iraq can't do this or that. Well let me tell you this...A bank CAN'T LEND ON what it DOESN'T EXPECT to get back especially since regulations on lending have gotten tighter...I KNOW I'M A LENDER as well. RV is coming, just hope it's higher than I expect...but our God is a good god and I've been praying hard! 2 Link to comment Share on other sites More sharing options...
Amos9:13 Posted July 7, 2013 Report Share Posted July 7, 2013 I will also mention that JP Chase has ownership by CHINA ( I believe it's around 20 percent) and also would like to mention US and China are the biggest helpers with Iraq's GDP. Just wanted to throw that in there.... 2 Link to comment Share on other sites More sharing options...
DinarThug Posted July 7, 2013 Report Share Posted July 7, 2013 Thanks saradise. I can't? Maybe I have activate them or something. U Don't Have It So That U Can't Read What We're Saying About U ! 2 Link to comment Share on other sites More sharing options...
hoosier1470 Posted July 7, 2013 Report Share Posted July 7, 2013 yeap, like I had mentioned let competition set in. Also BANKS DO NOT GO where they CAN'T make money. So if they are heading to IRAQ then they know something is down the road. All of these naysayers who talk about Iraq can't do this or that. Well let me tell you this...A bank CAN'T LEND ON what it DOESN'T EXPECT to get back especially since regulations on lending have gotten tighter...I KNOW I'M A LENDER as well. RV is coming, just hope it's higher than I expect...but our God is a good god and I've been praying hard! I fully believe we are going to be pleasantly surprised by what they come out at! We are gonna see an R/I!! God Bless!! 3 Link to comment Share on other sites More sharing options...
supergirl Posted July 7, 2013 Report Share Posted July 7, 2013 I fully believe we are going to be pleasantly surprised by what they come out at! We are gonna see an R/I!! God Bless!! wouldn't that be nice... Link to comment Share on other sites More sharing options...
Tubbs Posted July 7, 2013 Report Share Posted July 7, 2013 I fully believe we are going to be pleasantly surprised by what they come out at! We are gonna see an R/I!! God Bless!! If that happens Holy Mola Go RI Link to comment Share on other sites More sharing options...
millionaire in training Posted July 7, 2013 Report Share Posted July 7, 2013 Great find Sarah, This says a lot. Go RV 3.33 you can do it................. 1 Link to comment Share on other sites More sharing options...
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