WARKA BANK MERGING WITH STANDARD CHARTER

[one4dinar]

«Warka» Iraq are preparing to merge with «Standard Chartered Bank»

Source: Dar Al Hayat - 19/08/2011

«Warka» Iraq are preparing to merge with «Standard Chartered Bank»

Announced the «Bank« Warka »near the Iraqi Special integration with« Standard Chartered »British, at the request of the Iraqi Central Bank raising capital all private bank to 250 billion Iraqi dinars (200 million dollars) before the end of 2013.

The Executive Director of «Warka» Mohammed al-Samarrai and the existence of an agreement for integration reached its final stages between the two banks, Iraqi and British, giving the first bank's ability to finance major projects.

He stressed that the integration of the bank with a giant foreign corporation will increase the confidence of customers and the government and the Central Bank of Iraq.

The central bank called on the Iraqi private banks to merge with each other, to ensure the composition of large amounts of capital to facilitate the work of financial and enhance the confidence of the citizen.

The source of the «Union of Iraqi banks» of «life» that «private banks refuse to integrate, as family banks, not financial institutions in the true sense.

Every family wants to sit on the throne of a financial institution does not share the second family».

The source explained that the first merger will be agreed between the four private banks, noting that «there is no solution to the integration of these banks only, as it is obliged to submit financial statement to the end of 2013 as the central bank raised its capital to 250 billion Iraqi dinars».

And operating in Iraq six Arab and foreign banks are private «Arab Banking Corporation» Bahrain and «Turkish Agricultural Bank» (aprons) and «Bank Melli Iran» Lebanese banks and «Byblos» and «Intercontinental» and «Beirut and the Arab countries».

The Iraqi financial institutions are seven state banks, five of which specialist cares for the industrial, commercial and housing, and 30 private banks, of which seven are Islamic.

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[kosman]

That may take some of the worry off my mind. Not all but some. If that happens, I guess that the 10.5% CDs will be a thing of the past.

[mazie]

That may take some of the worry off my mind. Not all but some. If that happens, I guess that the 10.5% CDs will be a thing of the past.

Very Good Find , Thanks Much !!!

[Heinzy444]

Standard Chartered - with an ED

http://www.standardchartered.com/home/en/index.html

Lets hope Warka does not just cut us (shareholders) free and re-list under a new name after the merger/acquisition - it's still like the Wild West over there - they don't follow traditional rules - I have quite a few Warka shares (60% of my porfolio of all banks) - I wanted to sell and buy all HSBC backed Bank shares but could not because they (Warka) dropped off the ISX.

I knew, like the currency, that this was a super high risk, so I'll take my hits. I did manage to get my shares out of the Warka Proxy 2 months ago and into my "good name" - not sure if that helps me or not?

Good luck to all that went into the ISX - interesting times.

Edited August 22, 2011 by Heinzy444

[Heinzy444]

Was waiting on Reuters to pick this up - several reporting in on this so it's for sure I guess - just looks like fighting over control 49% - 50%

http://www.reuters.com/article/2011/08/22/us-iraq-banks-stanchart-idUSTRE77L1X020110822

(Reuters) - Standard Chartered Plc (STAN.L) is in talks to buy a stake in Warka Bank, one of Iraq's biggest private banks, a central bank official said on Monday.

Iraq's central bank has a three-stage plan for banks to increase their capital to $213 million by June 2013 to spur lending in the war-battered state as it emerges from the shadow of sanctions and the 2003 U.S.-led invasion of Iraq.

Hassan al-Haidari, a central bank advisor, said the London-based Standard Chartered had been in negotiations with Warka for the past 3-4 months.