August 17, 2010HSBC Bank of Iraq is looking to finance projects in infrastructure and open new branches
Chief Executive of the Iraqi unity of the Bank of IHS.. Me. C British unit looks forward to opportunities to finance projects in infrastructure and open more branches gradually in light of Iraq's reconstruction.
"Said James Hogan, CEO of IHS.. Me. CNN Iraq" Iraq is entering the next stage of development .. we move beyond security considerations and enter the economic recovery. "
Hogan said that the IHS.. Me. C re-entry of Iraq in 2005 when he bought 70 percent of the bank's domestic peace.
Owned by IHS.. Me. C-16 branches across the country and plans to open between four to six additional branches among the twelve months to eighteen years.
The Bank of England working in Iraq since the beginning of the last century, where he began to work through the Imperial Bank of Persia up to Iraqi banks were nationalized in 1964.
And the Iraqi banking sector includes seven state-owned banks and 36 private banks expected to merge gradually, especially after regulators demanded that the Iraqi flying all the banks minimum capital of 250 billion Iraqi dinars (213.9 million dollars) by 2014Hogan said that in the case of IHS.. Me. CNN Iraq, the new requirements of capital means that he will raise the current capital of 57 billion dinars, about five-fold in the next five years.
"As soon as a new government takes, it will likely be on next year's budget and we will see capital spending supported by a significantly new infrastructure projects such as roads and demand for cement and the establishment of telecommunications infrastructure."
Hogan said that the IHS.. Me. CNN is currently working with an international organization did not identify to buy cement plants in Iraq and the bank hopes that by the order of these agreements and funding.
The government still holds most of the spending on infrastructure in Iraq, but the private sector began to emerge slowly, providing a possible new sources of income for banks operating in Iraq.
Hogan said: "I note the emergence of the private sector with the support of Iraqi businessmen in small and medium enterprises in various areas, including the consumer goods sector as well as investments of multinational companies."
The Bank currently has 19 thousand customers in the retail sector, but aimed mostly at the corporate sector.
Hogan said, "It is a strategy focused on domestic and foreign companiesادراج أسهم في البورصة العراقية. He added that the IHS.. Me. C seeks to provide advice to the two contacts on the inclusion of shares in the Iraqi Stock Exchange.
VinTV
