Warka was sold last week?

[BtrFuture4All]

i highly suggest to do your own research of both parties involved . so far warka is not looking good from dubai stand point . ask yourself why warka wont open any branches in the united states. just my 2 cents

Could it be because CitiBank owns a percentage share and everyone in he U.S. may in the near future be able to work with Warka accounts through CitiBank? Don't know... but to me it sounds like a possibility.

Warka Bank sold 20-25 % of their stock to Citi Bank;They are now in the process of selling another 20-25 % to another foreign Bank. No foreign company can own more than 49 % of an Iraqi company. Saad Al-Bunnia will still control Warka Bank,and they are in GOOD financial shape.There was a problem awhile back when the goverment pulled a LOT of state money from Warka Bank,causing a temporary cash flow.The Bunnia family is Sunni,and as you all know,the Iraqi goverement under maliki is 100 % Shia. Politics gets down and dirty" in Iraq,too.

Sounds to me like Warka is simply trying to get all its ducks lined up to be in conformance.

I dont have money in Warka so I don't have any first hand knowledge but if I did I think I would simply wait for the mergers to play out.

P.S. If Ali of DT is really planning to open a bank in Warka, keep in mind that there will be competition that may lead to rumors. In that regard, is Ali going to have a branch or counterpart in the U.S.?

[pegasus0ne]

Warka Bank sold 20-25 % of their stock to Citi Bank;They are now in the process of selling another 20-25 % to another foreign Bank. No foreign company can own more than 49 % of an Iraqi company. Saad Al-Bunnia will still control Warka Bank,and they are in GOOD financial shape.There was a problem awhile back when the goverment pulled a LOT of state money from Warka Bank,causing a temporary cash flow.The Bunnia family is Sunni,and as you all know,the Iraqi goverement under maliki is 100 % Shia. Politics gets down and dirty" in Iraq,too.

War Eagle ...thanks for this info. Very much appreciated. Having some solid international representation as stock holders in the bank is a huge positive...I don't think Citibank and/or HSBC would be buying in if there was a serious problem. Let's hope that the political oppositions don't continue to create problems for Warka.

I would very much like them to address their customer relations problems though and make sure that account holders are updated on current events and that at the very least email correspondence are a top priority...communication is a huge key when dealing with international clients that have only one form of dealing with their funds and that is email requests and online banking.

Thanks again for all the contributions guys/gals.

pegasusone

[MarineDad]

I wired funds to Warka Yesterday. They said it had to go through their Citi Bank NY branch first then on to them. Is this their standard SOP for wiring funds to your account? Looks like Citi bank purchased them.

[rellum]

Why on earth would Warka open a branch in the USA ??

well there you have it . soon warka just might have some help with the citi bank , oh and lets not forget able to access in the united states.

thats why you would open up in the united states . much more hard liquidity to play with . frank61 think before you speak next time

[Frank61]

well there you have it . soon warka just might have some help with the citi bank , oh and lets not forget able to access in the united states.

thats why you would open up in the united states . much more hard liquidity to play with . frank61 think before you speak next time

You will never see Warka opening in the USA or at least not for a very very long time. There is no need to. As far as wiring money internationally, ALL transfers go through Citibank in Manattan, I didnt even have to think that time...

[mrref]

Frank of KTFM stated that Warka was sold last and look for it to reopen....

Does anyone has ANY info about this????

Thanks

THAT RUMOR IS ABOUT AS OLD AS THIS RUMOR SITE

Edited November 25, 2010 by mrref

[dlbfilm]

NO IT HAS NOT BEEN SOLD................

[Frank61]

Its thanksgiving week and I was told my local bank wont be open. They posted signs on the door...... Hmmmmm .........has it been sold to another bank ?? Or are they closed?? Oh no, my money?? Could it be an RD ?? Could it be an RV ??? Could it be because banks close on holidays ( even in other countries) ?? I heard that someone read that someone said........ Not a good sign...LOL ya right !!!

[one4dinar]

Could it be because CitiBank owns a percentage share and everyone in he U.S. may in the near future be able to work with Warka accounts through CitiBank? Don't know... but to me it sounds like a possibility.

Sounds to me like Warka is simply trying to get all its ducks lined up to be in conformance.

I dont have money in Warka so I don't have any first hand knowledge but if I did I think I would simply wait for the mergers to play out.

P.S. If Ali of DT is really planning to open a bank in Warka, keep in mind that there will be competition that may lead to rumors. In that regard, is Ali going to have a branch or counterpart in the U.S.?

Warka account holders already work with Warka accounts through Citibank!! Ali's bank trades (United Investment Bank, BUND) on the ISX. It is an established bank. Ali purchased it and is waiting for GOI to be seated for final approval. He is trying to be 100% owner of the bank. Iraq normally only allows 49% ownership but HSBC has 70% of Dar al Salaam, so who knows?

So what happens to the people who own stock?

Im guessing citibank and the other one bought them out?

No foreign company can own more than 49 % of an Iraqi company. Each bank has 20%, if this is true. How can they buy them out with a 40% purchase??

I do agree with you . so Ali wants us to pull our money from warka and put our money in his imaginary bank.

so he is telling every one that warka has no 150 billions but ali has it?

In his chat he suggested taking your funds out of Warka Bank and use the cash to purchase dinars. The bank Ali has purchased is an established bank trading on the ISX. He just haven't been given final approval of the sale yet.

Edited November 26, 2010 by one4dinar

[oildriven]

Warka was supposed to have been approached by HSBC about a month ago and offered to bye Warka. Warka said no thank you and have partnered with Citi bank. I remember someone on here posted the article/link.

[Adam Montana]

I just read the chat with ali of dinartrade and he said that warka is really unstable right now and recommends pulling out any funds and buying cash.

:lmao:

PLEASE tell me you see why he would say this.

PLEASE PLEASE PLEASE!!!!!

Oh my goodness, that was funny!!!!

[435613422]

For your information Warka was approached for a take over bid from the HSBC (Hong Kong Shanghai Banking Corporation)

The take over bid was flatly rejected & I believe another offer is on the table, until then don’t panic.

In all honesty if HSBC do take over Warka anyone with an Account will be far better of than you may think, this is excellent news if you have stocks, accounts or any other investment in Warka

Don’t let the Rumours get you down

HSBC is ranked number 3 in the largest bank holdings in the world & CITIGROUP are number 10, CITIGROUP placed a bid for Warka takeover & got told to go away politely

do you have a link??? (link = reference)

Warka Bank sold 20-25 % of their stock to Citi Bank;They are now in the process of selling another 20-25 % to another foreign Bank. No foreign company can own more than 49 % of an Iraqi company. Saad Al-Bunnia will still control Warka Bank,and they are in GOOD financial shape.There was a problem awhile back when the goverment pulled a LOT of state money from Warka Bank,causing a temporary cash flow.The Bunnia family is Sunni,and as you all know,the Iraqi goverement under maliki is 100 % Shia. Politics gets down and dirty" in Iraq,too.

War Eagle, can you provide link or reference that Citi Bank owns 20-25% of Warka?

[pegasus0ne]

:lmao:

PLEASE tell me you see why he would say this.

PLEASE PLEASE PLEASE!!!!!

Oh my goodness, that was funny!!!!

you should definitely read all the posts Adam...I mentioned THAT in my posts regarding why he would do this...your tone is unbelievable.

When you have your emails ignored, and you read posts all over the place that allude to the instability of the bank you just sent thousands of dollars to you just want to gather some intel regarding the plans that you've put into motion. I can understand why Ali would say what he said as a competitor, I was dealing with multiple sources of info plus my own experience to find out what was going on with Warka.

I'm beginning to see why the members are leaving in droves from this place. I encourage you to take a moment before you post something that doesn't contribute in any way, shape or form to the uplifting, education and betterment of why people are here on your forum in the first place. I'm here to get info, learn about this investment and prepare for after....that's why I joined the VIP and OSI aspect of what you have to offer.

Take it up a notch Adam

Hope you had a wonderful Thanksgiving holiday and getting some real intel on what's going on with Warka would be really nice, if you have any connections that could provide info.

pegasusone

[Mr. Phonics]

you should definitely read all the posts Adam...I mentioned THAT in my posts regarding why he would do this...your tone is unbelievable.

When you have your emails ignored, and you read posts all over the place that allude to the instability of the bank you just sent thousands of dollars to you just want to gather some intel regarding the plans that you've put into motion. I can understand why Ali would say what he said as a competitor, I was dealing with multiple sources of info plus my own experience to find out what was going on with Warka.

I'm beginning to see why the members are leaving in droves from this place. I encourage you to take a moment before you post something that doesn't contribute in any way, shape or form to the uplifting, education and betterment of why people are here on your forum in the first place. I'm here to get info, learn about this investment and prepare for after....that's why I joined the VIP and OSI aspect of what you have to offer.

Take it up a notch Adam

Hope you had a wonderful Thanksgiving holiday and getting some real intel on what's going on with Warka would be really nice, if you have any connections that could provide info.

pegasusone

[Adam Montana]

Hope you had a wonderful Thanksgiving holiday and getting some real intel on what's going on with Warka would be really nice, if you have any connections that could provide info.

pegasusone

My contacts are all saying "hold"...

This is a "hold and hope" investment, and no amount of "intel" will change that.

I won't lower myself to predicting a rate, be it $5 or .00000000001.

[Bucko]

Its amazing how many opinions there are and everyone says the have facts and proof??!? Warka sold, its didnt, it closed, its didnt, .....very confusing lol

[Adam Montana]

Warka is not sold. Thread closed.