Iraqi banks need to raise at least $10 billion [12 trillion Iraqi dinars] in fresh capital over the next three years to prepare for the expected oil-fuelled construction boom and meet new regulatory requirements, Reuters quotes an investor. Iraq has signed multi-billion deals with oil firms to boost output capacity to 12 million barrels a […]
AFP reports that Iraq's privately-owned banks have called for the country's state-owned lenders to be privatised, to break up a near monopoly in lending by politicians whose actions remain stuck in the Saddam-era. Although foreign cash has flowed in since the US-led invasion of 2003, ministers still opt to use government banks to do business […]
Iraqi banks might offer huge growth opportunities in the future for investors willing to take some risks, but analysts and investors say the industry needs to consolidate first and change its business model, according to a report from Reuters. With violence ebbing from the peak of sectarian warfare in 2006/07, foreign firms and banks are […]
Emerging from the global financial crisis unscathed, several Turkish banks plan to expand into neighbouring countries. Following Ziraat Bankas, Bankas and Kuveyt Türk, leading Turkish bank Albaraka Türk is also planning to open a branch in Erbil, northern Iraq, Fahrettin Yahi, the general manager of the bank, said yesterday. The growing business volume between Turkey […]
