Nawzad dry stresses the importance of opening of branches of foreign banks in Iraq

Nawzad dry stresses the importance of opening of branches of foreign banks in Iraq

Posted 19/01/2014 05:19 PM

Baghdad / follow the Orient: - preparing the North Bank for Finance and Investment to celebrate a decade of its foundation / 2004 /, where he describes Followers of the activity of the banking sector fruitful efforts, and this year will be crowned for his career, which has achieved excellent results.

The representative of the Iraqi private banks in the Economic Committee of the Council of Ministers, chairman of the North Bank for Finance and Investment Nawzad David Fattah, dry, "the importance of opening branches of foreign banks in Iraq and its impact positive on the banking market is local in terms of stimulating the Iraqi banks to keep pace with developments in general and the development of its products and rehabilitation Mlakatha to make them competitive. "

He stressed dry on the need "to correspond to the process similarly and made ​​available to the Iraqi banks own the possibility to open branches in states that follow the branches of foreign banks operating in Iraq," explaining that "the competencies Iraqi bank able to compete despite the difficult circumstances prevailing in Iraq for decades" .

He spoke of the importance of what is going to talk now about the legislation law protects bank deposits, and said that the protection of bank deposits in the framework of legislation, a law that would stimulate private banks and citizens dealing with the feeling of complete confidence the future of the private sector and provide support for him to be active in the market of local economic better.

He said dry, "The follow-up activity of private banks by encouraging them to achieve their goals and contribute to the economic activity unhindered requires that steps are supportive of it, either through legislative bodies or government institutions relevant in the forefront of the Iraqi Central Bank, which is the institution most accommodating requirements for advancement Private banks and the provision of climates attractive to invest in. At the forefront of the legislation law protects bank deposits and provides the necessary guarantees for it. "

He said dry, "The management of the bank is seeking to accommodate more growth opportunities and about activity effectively, where data indicate issued by the bank in 2013 to achieve profits exceeded 49 billion dinars, and the high volume of investments, which amounted to 702.53 billion dinars, as well as the high volume of cash credit where increased for the year past 2012 is 637.489 billion dinars as to strengthen the financial position of the other is to become 633/608/1 trillion dinars.

Meanwhile, sources say the bank that the ten years of the march of the age of the bank refers to the stability of the success of the management of the bank to maintain the outlook stable that characterized the bank down the growth of the results achieved in the activities of all the passion constant in providing the best banking products across all of its units and its branches, which helped Bank to raise his stature in the Iraqi banking arena to be at the forefront in terms of the results achieved and the positive image displayed by the level of the sector.

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