Global News: Three International Banks Gain Iraqi Licences.(HSBC Holdings PLC)(National Bank of Kuwait SAK)(Standard Chartered Bank PLC)

Banker, The, March, 2004

The Central Bank of Iraq (CBI) announced in early February that three foreign banks, HSBC Holdings, National Bank of Kuwait and Standard Chartered Bank, had been selected to proceed to the final stage of the foreign bank licensing process.

Licences are expected to be issued in March for the banks to be operational in Iraq by the end of the year. The CBI said: "The banks will be required to begin actual banking operations on-ground in Iraq no later than December 31, 2004. These banks will bring modern banking practices, capital and know-how to the Iraqi economy." In tandem with a "liberalisation" of Iraqi interest rates, Paul Bremer, chief administrator of Iraq's Coalition Provisional Authority, said the development represented "real benefits to Iraqi people"....

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