June 26 2011
- Global financial companies want to invest but collided with challenges
- Three private banks on the way to integration
International banking expert stressed the need to integrate private banks now before the entry of foreign banks to invest in Iraq. Head of Board of Directors, murabaha consulting, finance, investment, Dr. Hassan Hamoui, based in London: the merger of banks would in future to impose conditions on any negotiations with any international package.
During his participation in the meetings of the general body of the International Bank of Assyria, adding: that integrate financial power is competitive and fill requirements.. Pointing not to miss this opportunity because the ground is sufficient to integrate interested departments of the three banks started to communicate among themselves.
He hinted that the company registered abetl as Murabaha in Britain a financing institution and an investment consultant looking to Iraq and looking for an investment and we want to enter in the financial markets with either existing banks or in partnership with new banks or even ask new banking products as we participate in banking, we would like to point out that we adopt in our management on profit and look first for risk management and then enter another, meaning that any risk we can afford without affecting our financial and get our profit Investing in Iraq and disclosed that touch through discussions moderated by the Chairman of the Board of Directors of the Bank of Assyria depositary alhanzal that there are three difficulties impede the entry of large investments, despite bone opportunities in Iraq, the first Iraqi banks does not seem able to raise and improve the performance and the second constraint is the issue of solvency and challenge the other is how I invest, I know that sakoki is not acceptable and unacceptable aatmadati in government projects and there is a lack of experience in raising capital.
Promising opportunities in Iraq as a big piece of cake for all international banks that wish to contribute to building Iraq through opportunities and projects should address this matter.
And criticized the handling of private banks, wondering, how do we ask banks to develop their performance and I did not acknowledge their instruments or banking kvalatha? Isn’t this fledgling banks and Iraqi economic system certification certified under the resolutions of the State?
He promised the integration step sound and wise said that integration was one of the options and the best and quickest under the circumstances of the country and less costly, citing a representative of the Central Bank of Iraq which showed soft integration mechanism.
The representative of the Central Bank also spoke on article 13 of the Act on banks, which included steps to be followed when merging banks. Pointing out that integration is a global phenomenon, in Japan, for example, there were more than 60 major banks joined in a giant five banks and now leads the economic development in Japan and elsewhere in Lebanon also joined several banks became 60 banks after 19 banks. He explained that in Saudi Arabia thirty banks have merged into one bank is Saudi Commercial Bank and capital now amounts to us $ 500 billion and more than 1,300 branches throughout the world and is a giant lead development operations In Saudi Arabia and abroad.
Either the Executive Director of the securities market of Iraq Taha Ahmed Abdul Salam has reduced fears of integration and said that this is not the first operation there are mergers between companies in the 1990s these mergers covered by company law and articles of the law of private banks.
Abdul Salam called for the inclusion of securities market and Iraq and the Iraqi filing Centre to discuss the future of companies because they are in contact with this process and to overcome the challenges that may arise from actions to shareholders ‘ rights are reserved. repeated: that integration is not something impossible nor difficult and wished to have a body and market Centre role and presence in these meetings for technical reasons and important to know the future of stock belonging to shareholders after the merge.
Paragraph 8 of the agenda of the plenary to discuss the proposal included Ashur bank merger connector for development and Investment Bank and Union Bank with Bank of Assyria is raised this discussion turned to the WSOP accounted for 6 hours of discussion out of 7 hours per meeting to discuss the agenda of one hour.
