By John Lee.
Standard Chartered bank is reportedly reviving stalled plans to open a new branch for corporate customers in Basra in the first half of 2020.
This would be the UK-based bank’s third branch in Iraq.
Its Iraq CEO Mohammed Jawad Al-Delaimy told Bloomberg:
“Security in Iraq has improved dramatically … We have witnessed international companies decreasing their security requirements and risk levels.”
He added that profits in Iraq have been increasing since 2014, and said the bank plans to sign financing deals worth about $500 million for electricity projects by early next year.