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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


    HSBC Bank faces difficulties in the way of its operations out of Iraq

    Rocky
    Rocky
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    Posts : 268659
    Join date : 2012-12-21

    HSBC Bank faces difficulties in the way of its operations out of Iraq Empty HSBC Bank faces difficulties in the way of its operations out of Iraq

    Post by Rocky Thu 01 Aug 2013, 6:50 am

    HSBC Bank faces difficulties in the way of its operations out of Iraq
     



    08/01/2013


           




                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

    BAGHDAD / JD / .. Facing HP. Feed. Me. C. difficulty in exiting from its operations in Iraq after it said the Securities Commission of Iraq it rejected two offers for the sale of its stake in Bank of Dar es Salaam for investment, as revealed the launch of its shares at nominal a penny Iraqis.
    highlight this crisis risks faced by global companies when doing business in Iraq, where it can dominate the regulatory climate and the complex political as well as security concerns on the attractions in the rapid economic growth that fueled the production of oil.
    said HP. feed. me. CNN last month he was looking options to exit from its stake amounting to 70.1 percent in Bank of Iraq after a strategic review carried out.
    linked to the Bank of Dar es Salaam, which focuses on banking for businesses and consumers and has eight branches in Iraq Patch. feed. BBC. website since October 2005. The price of its share in the latest insider 1.36 dinars, down 63 percent from this year's highest price recorded in January and much lower than levels near six dinars reached in 2011. The value of the share of HP. Feed. Me. C at the current market estimated at 100 billion dinars ($ 86 million).
    said Asaad Khudairy chairman of the Bank of Dar es Salaam in a statement that there are problems disrupted the sale of a stake HP. feed. me. CNN, adding that the body Securities objected to the stake sale less often than the market price.
    Authority said it did not agree to prior offers from HP. feed. me. C to sell its stake because it is incompatible with the regulations of Finance of Iraq.
    said Abdul-Razzaq al-Saadi Chairman / Reuters / NH. feed. me. Si View initially sell its stake in Bank of Dar es Salaam to Iraqi investors and added that the Authority asked him to find out the cause abandonment of the quota and the mechanism of transfer of the quota, but did not have a cat.
    Authority said that one of the proposals H. feed. me. C was selling shares at My name is an Iraqi fils per share, but HP officials. feed. NBC did not explain why the desire to do this.
    , an HP spokesman said. feed. BBC. website, told Reuters that any decision on the sale will be made
    ​​in accordance with legal and regulatory requirements. He declined to mention more details about the situation in Iraq, saying that the bank does not comment on transactions or regulatory issues.
    company said the angle of the Thomson The Bank of Dar es Salaam achieved a net profit of 12.06 billion dinars from revenue of $ 33.64 billion dinars in 2011, a period the latest that are available data about them.
    delivered spokesman bank Dar es Salaam blamed the decline in the share price this year on "obstacles difficult and set the regulator in by selling HP. feed. me. C. stake in the bank."
    and hindered crashes sales apparently collecting bank Dar es Salaam to capital. The spokesman said that the central bank put pressure on Iraqi banks to increase their capital and demand from Dar es Salaam capital increase of 105 billion dinars to 250 billion dinars at the end of June of this year.
    said, "Due to the Plan H. feed. me. C for the sale of its stake and agreed to the Iraqi Central Bank to extend the the deadline for Dar es Salaam to solve this problem with HP. feed. me. CNN. "
    In the context of the restructuring of global over three years reduced HP. feed. me. C activity in the field of retail in some countries in the Middle East and merge its operations in Oman with the Bank Local. And trimmed also its Islamic banking. Might be the reasons for the difficulty of selling its stake in Bank of Dar es Salaam dominance of banks government on the Iraqi banking sector are the Rafidain Bank and Rasheed Bank The rest of the market is divided among a large number of small banks. Preferably relatively small number of foreign banks in Iraq work individually to enter into partnership with an Iraqi bank. Among these banks, Abu Dhabi Islamic Bank and Qatar National Bank.And Lebanon's Bank Audi said it will begin its activities in Iraq in 2013.
    Standard Chartered said he hopes to open branches in the country this year, while Citigroup said last month it will open a representative office in Baghdad. / End / 22 /


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