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 and declined to comment when asked for clarification.

The company operates in Iraq through the Dar Es Salaam Investment Bank, in which it has a 70 percent stake.

It had been announced as a bookrunner for the Asiacell IPO, but pulled out. A source close to the deal said HSBC exited because of "issues around local distribution".

(Source: Reuters)