August 18, 2010British bank looks forward to finance projects and open more branches in Iraq
بغداد ( إيبا )/متابعة/.. BAGHDAD
CEO of the Iraqi unity of the Bank, HSBC and the British unit looks forward to opportunities to finance projects in infrastructure and open more branches gradually in light of Iraq's reconstruction.
Was quoted by Reuters news agency for Hogan, saying that Iraq is on the verge of the next stage of development, we move beyond security considerations and enter the economic recovery.
Hogan said that HSBC re-entry of Iraq in 2005 when he bought 70 percent of the bank's domestic peace.
Owned by HSBC 16 branches across the country, and plans to open between four to six additional branches between the twelve months to eight years to come.
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.
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 2014.
Hogan said that in the case of HSBC 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.
He said once the new government takes, it will focus on the most likely to next year's budget and we will see capital spending, supported by a large new infrastructure projects such as roads and the demand for cement and build the infrastructure for communications.
Hogan said that HSBC 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.
He pointed to 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 mostly aimed at the corporate sector.
Hogan said it is a strategy focusing on domestic and foreign companies and added that HSBC seeks to provide advice to the two contacts on the shares in the Iraqi Stock Exchange
