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Foreign banks are looking to withdraw from the Iraqi market



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Foreign banks are looking to withdraw from the Iraqi market

Post by rocky on Sun 23 Oct 2016, 7:09 am

Foreign banks are looking to withdraw from the Iraqi market

October 22nd, 2016

Central» kept her from a capital increase to $ 50 million of

Baghdad 's new morning:

At a time when foreign banks registered an impressive growth, especially in the past few years, looking this day in the possibility of withdrawing from the Iraqi market, including the Lebanese, as a result of pressure on the big and the costs borne by the payoff is relatively weak interview.

These banks continue to suffer from a series of problems and complications in the work inside Iraq, where he complains of foreign banks are not the CBI decision yet any procedural decisions in relation to the promotion of universal banking, stayed banking complexities imposed relating to the safeguards required in return for the granting of loans, in addition to oblige foreign capital increase banking crisis to $ 50 million, and the crisis of foreign banks, including the Lebanese working in Erbil and Sulaymaniyah, which influenced her work as a result of the separation of the work of the Iraqi Central Bank branch in this Mahafezta central Baghdad.

days specified in the end of last June and established by the Iraqi monetary authorities deadline ago, resulted in efforts led by the Association of banks in Lebanon and the Central Bank of Lebanon to solve part of the Lebanese banks operating in the Iraq crisis, and of the imposition of the Iraqi Central Bank on the foreign banks to increase their capital to $ 50 million in return for opening an unlimited number of branches.

and according to sources , the follow - up of the file, it is expected that the central bank sends Iraqi letter to the public and foreign banks in Iraq informing hereby consent to retail for the increase of capital of each institution or banking group in two installments , the first value of $ 25 million to be worthy of the second installment of the total amount they are also at $ 25 million at the end of June 2017 solutions, conduct contribute to alleviating somewhat the costs that have forced foreign and Lebanese banks specifically allocated for the provision of a capital increase.

first decision of the central Iraqi was fixed increase to $ 70 million , but the Central Bank of Lebanon and the Association of banks were able to mitigate the increase to $ 50 million.

in this context, stresses sources follow - up file that this final version approved by the Lebanese banks after hours of negotiations at the CBI headquarters in Baghdad , although they have expressed their full satisfaction with it, will force some of these banks to reconsider their future in the Iraqi market, in addition to its expansion plans , which was developed in the past within this market, and also after it became the risks and complications is higher than the level of profitability ratio and investment worthwhile.

observers believe that the crisis of the capital increase will force these banks administrations to bear additional costs are no longer act as the only problem experienced by foreign banks in Iraq, including the Lebanese. Indeed, did not find the Lebanese banks in Iraq yet again the ultimate solution to the crisis experienced since the beginning of November last. The day the Bank of Lebanon and the Association of Banks in Beirut received a copy of the book has already been operating in Iraq , the banks received from the central bank, informing it that the sub Erbil and Sulaymaniyah did not prepare , associated with him administratively or organizationally or even financially, but have become linked to the Ministry of money in the Kurdistan region. This measure raising fears among foreign banks operating in Iraq, including the Lebanese Certainly, the fact that the central step means a failure to recognize after the date of issuance of the decision amounts deposited with branches in Erbil and Sulaymaniyah, the Lebanese banks in dinars or the dollar.

The CBI has granted licenses to a number of banks It is: Fransabank, Banque Audi, Bank of BLOM, Byblos Bank, Mediterranean Bank, Credit Libanais, Bank of Beirut and the Arab countries, Intercontinental Bank, Middle East and Africa Bank Lebanese French Bank.

    Current date/time is Sun 04 Dec 2016, 10:29 pm