Bank (HSBC) decide to withdraw from the Iraqi market

by **Ssmith** Mon May 30, 2016 7:00 pm

Bank (HSBC) decide to withdraw from the Iraqi market

September 19, 2012

BAGHDAD (Iba) .. Source revealed a desire to HSBC bank global withdrawal of the Iraqi market.

The source said the reporter and the independent press (Iba) Bank (HSBC) has decided to withdraw from Iraq to the lack of economic feasibility of survival in the Iraqi market due to the lack of a clear economic and political parameters.

The source added that the bank believes that economic policy in Iraq moving toward tightening the central and the continued work of the Organization of laws that entrench the concept of socialism economic Kinsah, criticizing not to make way for financial institutions to work flexibly.

He added that the size of the risk and costs required by the operation of an international bank such as HSBC in a country like Iraq is very high, stressing that the Group’s management on the verge of making a decision to leave the Iraqi market.

He noted that the financial and administrative corruption a major role in influencing the Bank’s work in Iraq and its tendency to take such a decision.

The Bank (HSBC) sixteen branches in Iraq distributed among the various provinces, including the provinces that have seen violence against the U.S. presence in Iraq, where the bank is the first global financial institution to enter the Iraqi market after 2003.

The Bank of England’s decision came at a time Iraq participates large official delegation at the conference and exhibition on financial, banking and investment held in the British capital London.

Minister of Construction and Housing Mohammed Darraji that the conference is an important opportunity for Iraq to support the development of Iraqi banks in addition to opening the door for investment to international companies and what I need from bank guarantees that can be provided by international banks.

The Bank of England’s decision to withdraw from the Iraqi market, a negative sign on the banking situation in the country, which already suffers from frequent criticism locally as a result of the failure of the methods adopted in the work, in addition to the weakness of private banks and government domination of the work in this sector.

The World Bank seeks to restructure work in the Iraqi banking sector, with increasing calls parliamentary issuing appropriate legislation in this area, has been charged to the government of trying to control the central bank, which is an independent institution.

As private banks faced in recent weeks, numerous accusations of attempts to smuggle foreign currency from Iraq and money laundering operations.

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