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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    U.S. efforts to invest "caution" in Iraq and its economy growth forecast to 15-fold

    Hkp1
    Hkp1
    Hkp1
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    Posts : 3118
    Join date : 2012-12-19
    • Post n°1

    U.S. efforts to invest "caution" in Iraq and its economy growth forecast to 15-fold Empty U.S. efforts to invest "caution" in Iraq and its economy growth forecast to 15-fold

    Post by Hkp1 Sun 21 Jul 2013, 2:12 pm

    U.S. efforts to invest "caution" in Iraq and its economy growth forecast to 15-fold


    Sunday, July 21, 2013 21:37


    Twilight News / detection announcement bank Citigroup and American Standard Chartered, the British period the past few efforts to expand into the Iraqi market, what تختزنه last great potential for the banking sector in this country, is that the experiences of some foreign banks in Iraq calls for the exercise "caution" to avoid some problems.

    alt And characterized the Iraqi market by low number of citizens who have bank accounts, allowing the banks a substantial margin to attract thousands of customers, particularly that the Iraqis are looking for a complete package of services ranging from current accounts to insurance to mortgages, which are services not in the Iraqi market offers many them.

    However, the Iraqi banking sector suffers from obsolescence legislation governing him and the dominance of state-owned banks and poor infrastructure and a large number of obstacles that make the exercise of banking activity is not easy at all.

    He says a Western diplomat who asked not to be disclosed in a statement received "Twilight News" that "Iraq has a very large qualifications for the exercise of banking activity," he said.

    And refers مايانك the owner Citigroup branch manager in Jordan and Iraq that the bank sees in the Iraqi market a great opportunity, as it seeks to benefit from the advantages of exports of foreign banks, which will enter the country.

    The focus of Bank of America at the beginning of it to serve its customers browsing in Iraq, such as international oil companies operating in the oil sector south of the country, and in the long run will seek Citigroup to enter the field of commercial banking and retail (ie private individuals), but it did not announce a timetable for these steps .

    And builds bank U.S. policy on upbeat outlook for Iraq, where he is expected economists they are working to become the number of Iraqis in 2050, some fifty million people and the economy of approximately size two trillion dollars, and the figure represents the last 15 times the value of the Iraqi economy now, and roughly equivalent to the size of the Indian economy at the moment.

    With the development of the banking sector in the future there is a need for all well-known banking services in Iraq, where the limited proportion of citizens have access to loans and insurance, credit cards, mortgages and other financial products, according to Al Jazeera television.

    Despite the tone of optimism in an interview with the owner, there are major obstacles to the banking business in Iraq, before the announcement, Citigroup last month its intention to extend its activities to the country, the Bank of HSBC British had announced days earlier for selling its stake in Bank of Dar es Salaam in Iraq, The total share of 70%.

    And talks, diplomats and analysts for a number of major difficulties in the Iraqi banking sector, including the absence of modern legislation to pay Iraqis to confidence in the financial sector, and that government banks are Bank Rasheed and Rafidain banks dominate the field, which will reduce the incentive to innovate.

    According to estimates by the World Bank did not exceed the size of the loans sector in Iraq 10% of GDP in 2010, while the ratio stood at 55% in the rest of the Middle East.


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    Hkp1
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    Posts : 3118
    Join date : 2012-12-19
    • Post n°2

    U.S. efforts to invest "caution" in Iraq and its economy growth forecast to 15-fold Empty Global banks eye Iraq but risks abound

    Post by Hkp1 Sun 21 Jul 2013, 9:52 pm

    Global banks eye Iraq but risks abound




    Monday, 22 July 2013




    BAGHDAD: Interest by Citibank and Standard Chartered to expand into Iraq highlights the vast potential of the country’s banking sector, but the experience of a global rival points to the many pitfalls they must navigate.




    With tens of millions of potential customers, few of whom have bank accounts, the country could provide a windfall for firms that manage to grab a foothold.




    Iraqis are on the hunt for a full range of services, from current accounts to insurance and mortgages, little of which is currently on offer. But outdated regulations, a preponderance of state-owned banks, poor infrastructure, and a litany of other obstacles mean succeeding in Iraq’s banking sector is no mean feat.




    “This is potentially a very, very rich market to do banking in,” said one Western diplomat. “Potentially.” The industry has come into the spotlight in recent weeks thanks to moves by banking giants Citibank and Standard Chartered to establish their presence in the country.




    “We see Iraq as the next big thing,” Mayank Malik, Citi’s head for Jordan and Iraq, said. “We see this as a giant which is waking up.” “We see ourselves as the front-runners. We want the first-mover advantage.”




    Citi will initially look to serve existing clients — several international energy companies working in south Iraq are customers. But in the longer-term the multinational is looking to move into commercial and retail banking, though it has not publicly laid out a timeline.




    It has high hopes for the country — Citi economists project that Iraq will have 50 million people and a $2 trillion economy in 2050.




    The latter figure represents a 15-fold increase on current output, and is roughly equivalent to the size of India’s economy today.




    And, as the sector develops, virtually the entire range of banking services are required — at present, Iraqis have limited access to loans, insurance, credit cards, mortgages and a swathe of other financial products.




    But while Malik voices optimism over the potential of Iraq’s banking sector, major obstacles persist. As Citi was opening an office in Iraq last month, HSBC announced shortly thereafter it would pull out of Dar Es Salaam, a local bank in which it holds a 70 percent stake.




    Though HSBC has couched the sale as part of a global strategy, its then Middle East chief said in 2005 that Iraq was a “long-term prospect”. “At this stage, we will not be able to make further comments on the transaction structure and timing,” an HSBC spokesman said.




    Diplomats and analysts have pointed to a number of key difficulties, including a lack of modern regulations to give Iraqis confidence in finance. The fact also remains that the two state-owned banks, Al Rashid Bank and Al Rafidain Bank, dwarf the competition and have little incentive to innovate. ?AFP




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