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Central Bank puts the Warka Bank under the trusteeship
On: Tuesday 3/6/2012 8:28
Baghdad / term
Central Bank announced on the status of the Warka Bank under the trusteeship after the failure of talks with Standard Chartered Bank, which began in April 2011 to buy a stake in it, stressing that it will set a new administration soon. And the transfer of Television and Radio (RTRS) in Serbian Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh "The bank put the Warka Bank under the trusteeship to oversee the work through insolvency", in reference to cases of bankruptcy or disability.
(RTRS). Saleh said that the Warka Bank had entered last year in talks with Standard Chartered Bank British to sell one of his shares, but the talks reached a dead end, "noting that" the central bank gave the bank an opportunity to participate, Standard Chartered, but it did not happen, so we had no financial authority to intervene only as a trustee, according to (RTRS).
". Saleh continued that the central bank sought new Department for Warka Bank, will be given one month to appoint an auditor to determine how to restructure, and if it needs to sell shares to raise capital. "The benefit of that" in case the bank capital, failed in its banking operations and faced an intractable problem , the central bank intervenes in accordance with its law in his capacity as a trustee and appoint a new interim administration. "
و The Executive Director of the Association of Iraqi private banks Abdul Aziz al-Hassoun said, in August 2011, that the Warka Bank needs to be about 100 billion dinars (90 million) to boost its liquidity, while confirming the Iraqi market for securities that the Board of Governors in the Iraqi Stock Exchange canceled the listing of Bank Warka from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking appropriate action to appeal, pointing out that the Warka Bank is dependent on trading since the eighth of February 2010. "
The Warka Bank for Investment and Finance, which was established in 1999.130 branches and 350 ATMs in the body throughout Iraq.
The central bank plan of three phases to raise banks' capital to 213 million by June 2013 to stimulate lending in the time he recovers Iraq of sanctions and the U.S. invasion in 2003. Noteworthy that Iraq has seven banks owned by the state and 23 private banks, eight Islamic banks particularly , according to the website of the Central Bank, while the banking sector is dominated by banks, Rafidain and Rasheed Aovernmaan, and now subject to restructuring in order to pay off the debts that have accumulated after years of war and sanctions.
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On: Tuesday 3/6/2012 8:28
Baghdad / term
Central Bank announced on the status of the Warka Bank under the trusteeship after the failure of talks with Standard Chartered Bank, which began in April 2011 to buy a stake in it, stressing that it will set a new administration soon. And the transfer of Television and Radio (RTRS) in Serbian Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh "The bank put the Warka Bank under the trusteeship to oversee the work through insolvency", in reference to cases of bankruptcy or disability.
(RTRS). Saleh said that the Warka Bank had entered last year in talks with Standard Chartered Bank British to sell one of his shares, but the talks reached a dead end, "noting that" the central bank gave the bank an opportunity to participate, Standard Chartered, but it did not happen, so we had no financial authority to intervene only as a trustee, according to (RTRS).
". Saleh continued that the central bank sought new Department for Warka Bank, will be given one month to appoint an auditor to determine how to restructure, and if it needs to sell shares to raise capital. "The benefit of that" in case the bank capital, failed in its banking operations and faced an intractable problem , the central bank intervenes in accordance with its law in his capacity as a trustee and appoint a new interim administration. "
و The Executive Director of the Association of Iraqi private banks Abdul Aziz al-Hassoun said, in August 2011, that the Warka Bank needs to be about 100 billion dinars (90 million) to boost its liquidity, while confirming the Iraqi market for securities that the Board of Governors in the Iraqi Stock Exchange canceled the listing of Bank Warka from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking appropriate action to appeal, pointing out that the Warka Bank is dependent on trading since the eighth of February 2010. "
The Warka Bank for Investment and Finance, which was established in 1999.130 branches and 350 ATMs in the body throughout Iraq.
The central bank plan of three phases to raise banks' capital to 213 million by June 2013 to stimulate lending in the time he recovers Iraq of sanctions and the U.S. invasion in 2003. Noteworthy that Iraq has seven banks owned by the state and 23 private banks, eight Islamic banks particularly , according to the website of the Central Bank, while the banking sector is dominated by banks, Rafidain and Rasheed Aovernmaan, and now subject to restructuring in order to pay off the debts that have accumulated after years of war and sanctions.
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