By John Lee.
Standard Chartered has received approval from the Central Bank of Iraq to open branches, according to a report from The Standard.
The London-based bank plans to open three branches in Baghdad and Erbil by the end of 2013 and Basra in 2014. It said its main aim is to meet the increasing banking needs of its global network clients in Iraq, notably in the power, oil, telecoms and infrastructure sectors.
Standard Chartered has had a representative office in Erbil since 2006.
The firm’s regional head, Christos Papadopoulos (pictured), told Reuters in an interview earlier this year:
“The amount of economic activity in Iraq now is substantial. We always wanted to be onshore in Iraq. It was never a question of if but a question of when.
“Iraq needs everything from pipelines, power generation, infrastructure and housing. All this needs financing.“
(Source: The Standard)