Iraqi Central Bank building in central Baghdad Imaging (Mahmoud Raouf)
Author: ASJ, BS
Editor: BS 2015/09/06 13:42 Number of Views: 264
Long-Presse / Baghdad
Approved the Iraqi Central Bank, on Sunday, on the rehabilitation of the Warka Bank Ahli within the plan prepared by him for this purpose.
A source at the Central Bank in an interview with the (long-Presse), “The House of the Central Bank decided to approve the rehabilitation of the Warka Bank Ahli within the plan prepared by him for this purpose.”
The Central Bank of Iraq, decided in (February 6, 2015) trusteeship imposed by the Warka Bank since 2012 to find work since 2010 raise.
The Central Bank of Iraq announced (March 5, 2012) custody of the Warka Bank one of the largest Iraqi banks, following the failure of talks with Standard Chartered, the British bank, which began in April 2011 to buy a stake in it after suffering a financial crisis summoned and placed under trusteeship, because of marking some of the financial problems in his dealings.
The central bank at the time, that the imposition of guardianship on the Warka Bank Iraqi Investment & Finance came to save him from some of the problems experienced by, as the Article 59 of the law authorizes him custody of the banks put which is about the appointment of an interim administration of any bank in which you get to financial problems, while indicating Article 66 of the Law to be appointed guardian after the central bank could be sought through the central bank’s decision at the request of the Minister of Finance to save the bank in case it was found that there is a possibility to save him.
Article 67 of the Banking Act stipulates that the Central Bank of Iraq and the establishment of an interim license to the bank on the basis of Article 67 and provide capital by the state to get all or part of the assets and liabilities of the bank subject to rehabilitation.
And the Warka Bank for Investment and Finance, which was established in 1999.130 branches and 350 ATMs throughout Iraq.
And the Iraqi banking system consists of 54 banks, including seven state-owned newly established Islamic one, and there are 23 private commercial banks, including Islamic nine. There are also 15 branches of foreign banks, and there are many institutions that do some banking, of which 34 money transfer company, and nearly 200 belonging to banks, foreign exchange company or deal with the banks, with the Loan Guarantee Company and to finance small and medium enterprises, with two companies for services of electronic banking and card Smart, in addition to nearly 800 branches and subsidiary banks spread over Iraqi provinces.