Standard Chartered has launched a wholesale banking operations in Iraq with the opening of a head office (and first branch) in Baghdad inaugurated by Nuri Al Maliki, Prime Minister of Iraq.
This makes Standard Chartered, which has been operating in the Middle East for more than 90 years, the first international bank to have full-fledged, on-the-ground wholesale banking operations in the country.
A spokesman said, “We expect to play a key role in the development of Iraq’s financial sector and be an active participant in the economic growth of the country. Our main aim is to meet the increasing banking needs of our global network clients in Iraq, notably in the power, oil, telecoms and infrastructure sectors and to support large government projects.”
The ceremony was also attended by the British ambassador in Iraq, Simon Collis, who said,“I am delighted to see Standard Chartered, one of Britain’s leading financial institutions, open its offices in Iraq. Finance plays a vital role in economic development. The UK is dedicated to promoting a vibrant, open, transparent and diversified financial sector in Iraq.