Tag Archives | Dar Es Salaam Bank

Standard Chartered plans Iraq Expansion

By John Lee. UK-based bank Standard Chartered is counting on the assistance of the British government to help it to open branches in Iraq by the end of the year, according to a report from The National. The newspaper says the company plans to open three branches in the next eighteen months, to tap into […]

HSBC hits Regulatory Issues over Iraq Exit

By John Lee. Banking giant HSBC is reportedly struggling to exit its Iraqi operations, having had two proposals to sell its stake in Dar Es Salaam Investment Bank (DES) rejected by the country’s regulator. We reported in June that HSBC was exploring options to dispose of its 70.1 percent holding in the Iraqi bank following […]

HSBC Considers Quitting Iraq

By John Lee. HSBC said today [Tuesday] that it is considering selling its 70.1 percent stake in Dar Es Salaam Investment Bank (BDSI), which has made it the main international lender in Iraq. In April, Simon Cooper (pictured), HSBC’s chief executive for the Middle East and North Africa, told reporters that its presence in Iraq […]

Major New Report on the Iraqi Banking Sector

Singapore-based Sansar Capital Management has issued a comprehensive new report on the Iraqi banking sector. The report finds that while the mix of an improving macro environment and security situation offer attractive investment ingredients, many challenges remain for those interested in participating through public markets. Nevertheless, Iraq remains one of the most under-banked countries in […]

HSBC Reviewing Iraqi Operations

By John Lee. UK-based banking giant HSBC has said it is reviewing its operations in Iraq. Simon Cooper (pictured), chief executive for the Middle East and North Africa, told reporters in Dubai: “In terms of Iraq, it’s a market that we will continue to review.“ According to a report from Reuters, he did not elaborate […]

Dar Es Salaam Sells Insurance Unit

Dar Es Salaam Investment Bank, a 70.1% owned subsidiary of HSBC Asia Holdings BV, has sold its 19.465% equity interest in Iraqi insurance company Dar Es Salaam Insurance to Gulf Insurance Company for a cash consideration of IQD1.557bn (approximately US$1.33m). The sale took place on 18 December 2011 and represents the disposal of a non-core […]

Citigroup Hires Diplomat to Spearhead Iraq Expansion

Bloomberg reports that Citigroup, the U.S. bank which earns about a $1 billion in revenue from the Middle East, has hired a former U.S. diplomat to oversee its team in Iraq as the holder of the world’s fourth-biggest oil reserves rebuilds its economy. “We are very optimistic about Iraq over the next three to five […]

UK Bank HSBC Sees Big Opportunities in Iraq

The Iraqi subsidiary of UK bank HSBC is eyeing opportunities to fund infrastructure projects as the country is being rebuilt, while the lender gradually opens more branches, the unit’s chief executive said, in an interview for Reuters. As Iraq’s economy recoves slowly after years of violence since the US-led war in 2003, regional and some […]