Iraq aim and ambition of global banks
Iraq News IN - (Friday 23 August 2013, 12: 03 am GMT)
Mohammad Nasser Hussain
With tens of millions of potential customers who have only a few bank accounts, Iraq represents an ambitious target for global banking institutions, as a result of greater openness in the Iraqi banking institution and from changing the form factor to attract financial investments global banks show. including Citibank and Standard Chartered, would like to find a foothold in Iraq, but that desire is often hampered by several factors in the country, make these desires are limited, but temporary factors in each case circumstantial.
An ambitious objective
According to AFP, with tens of millions of potential customers who have only a few bank accounts, Iraq represents an ambitious target of banking institutions, especially now that the Iraqis are looking to more banking services available to them. However, the old law Covenant, and the majority of Government-controlled banks, the weak infrastructure of the sector, as well as a number of other obstacles such as political and security situation-all this makes banking activity in the country is uncertain.
Market rich
A Western diplomat says of the AFP: "it is very likely that Iraq is a rich market for banking. Returned to talk about the Iraqi market during the recent major banks began after, including Citibank and chartered stnaderd, moving in an attempt to consolidate its presence in Iraq. So says mayank Malik, Director, Banco Citibank in Jordan and Iraq, to AFP: "we look to Iraq that larger goal", adding: "we believe Iraq's giant is preparing to advance, we consider ourselves among the top candidates, and we want to have priority". Will Bank Citibank initially to service existing customers, who are working on the energy companies operating in the oil-rich fields.
High hopes
But long-term, the multinational Bank will seek to move to commercial banking and service, although no timetable was put in place so far. And holds Citibank great hopes in Iraq, which the Bank economists predicted a population of 50 million people in Iraq's economy, worth approximately $ 2 trillion by 2050. The latter figure represents 15 times the present capacity of the economy, roughly equivalent to the size of the economy of India. With the development of the private sector, becoming a full banking services required, as Iraqis currently have limited opportunities to obtain loans, insurance, credit cards, mortgages and other services. And while owner optimism about prospects for the banking sector in Iraq, there are fundamental obstacles to the development of this sector. While Citibank decided to open an Office in Iraq, the HSBC Bank later announced that he would withdraw from the Bank, "Dar es Salaam" which owns 70% of its shares.
Modern systems
The spokesman said "HSBC" it "at this stage, we can provide more details on the change process and timing. But diplomats and analysts pointed to a number of difficulties, including the lack of modern systems to give Iraqis confidence in banking process. Even Iraqis who have bank accounts, they are not able to use ATMs or banking services via the Internet or even the ability to access their accounts from different branches of the same bank, and despite the asadarbad credit cards, there are no places accept handle.
Expensive safeguards
A Western diplomat said "the conditions are not conducive to engaging in individual banking services". Often local companies complain that banks are unwilling to lend, or demanding guarantees of expensive and unacceptable. According to World Bank estimates, the Iraqi banking credit amounted to less than 10% of GDP in 2010. By comparison, this figure amounted to approximately 55% in the rest of the Middle East. According to thamir, the Chief advisers of the Prime Minister: "you must avoid the build-up of liquidity in the banks, and the use of funds for lending to be part of the system". Adds ghadhban requested "better technology, as well as reductions in processing times and staffing levels. There is also a need to change the attitude towards customers. "Our staff does not provide them with the service, but on the contrary situation they must attract customers and not push them out."
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Iraq News IN - (Friday 23 August 2013, 12: 03 am GMT)
Mohammad Nasser Hussain
With tens of millions of potential customers who have only a few bank accounts, Iraq represents an ambitious target for global banking institutions, as a result of greater openness in the Iraqi banking institution and from changing the form factor to attract financial investments global banks show. including Citibank and Standard Chartered, would like to find a foothold in Iraq, but that desire is often hampered by several factors in the country, make these desires are limited, but temporary factors in each case circumstantial.
An ambitious objective
According to AFP, with tens of millions of potential customers who have only a few bank accounts, Iraq represents an ambitious target of banking institutions, especially now that the Iraqis are looking to more banking services available to them. However, the old law Covenant, and the majority of Government-controlled banks, the weak infrastructure of the sector, as well as a number of other obstacles such as political and security situation-all this makes banking activity in the country is uncertain.
Market rich
A Western diplomat says of the AFP: "it is very likely that Iraq is a rich market for banking. Returned to talk about the Iraqi market during the recent major banks began after, including Citibank and chartered stnaderd, moving in an attempt to consolidate its presence in Iraq. So says mayank Malik, Director, Banco Citibank in Jordan and Iraq, to AFP: "we look to Iraq that larger goal", adding: "we believe Iraq's giant is preparing to advance, we consider ourselves among the top candidates, and we want to have priority". Will Bank Citibank initially to service existing customers, who are working on the energy companies operating in the oil-rich fields.
High hopes
But long-term, the multinational Bank will seek to move to commercial banking and service, although no timetable was put in place so far. And holds Citibank great hopes in Iraq, which the Bank economists predicted a population of 50 million people in Iraq's economy, worth approximately $ 2 trillion by 2050. The latter figure represents 15 times the present capacity of the economy, roughly equivalent to the size of the economy of India. With the development of the private sector, becoming a full banking services required, as Iraqis currently have limited opportunities to obtain loans, insurance, credit cards, mortgages and other services. And while owner optimism about prospects for the banking sector in Iraq, there are fundamental obstacles to the development of this sector. While Citibank decided to open an Office in Iraq, the HSBC Bank later announced that he would withdraw from the Bank, "Dar es Salaam" which owns 70% of its shares.
Modern systems
The spokesman said "HSBC" it "at this stage, we can provide more details on the change process and timing. But diplomats and analysts pointed to a number of difficulties, including the lack of modern systems to give Iraqis confidence in banking process. Even Iraqis who have bank accounts, they are not able to use ATMs or banking services via the Internet or even the ability to access their accounts from different branches of the same bank, and despite the asadarbad credit cards, there are no places accept handle.
Expensive safeguards
A Western diplomat said "the conditions are not conducive to engaging in individual banking services". Often local companies complain that banks are unwilling to lend, or demanding guarantees of expensive and unacceptable. According to World Bank estimates, the Iraqi banking credit amounted to less than 10% of GDP in 2010. By comparison, this figure amounted to approximately 55% in the rest of the Middle East. According to thamir, the Chief advisers of the Prime Minister: "you must avoid the build-up of liquidity in the banks, and the use of funds for lending to be part of the system". Adds ghadhban requested "better technology, as well as reductions in processing times and staffing levels. There is also a need to change the attitude towards customers. "Our staff does not provide them with the service, but on the contrary situation they must attract customers and not push them out."
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