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An international banking expert said that the need to integrate the private banks now, before the entry of foreign banks to invest in Iraq. The Chairman of the Board of Directors of Murabaha Consulting, Finance and Investment, Dr. Hassan Hamwi and the London-based banks said the merger will result in the future to impose conditions on any negotiations with any international group.
This came during his participation in the meetings of the General Authority of Ashur International Bank, and added that the merger is the financial power able to compete and fill conditions .. Pointing out not to miss this opportunity exists because the ground is enough to departments wishing to merge the three banks began to communicate with each other.
He hinted that the company Murabaha Kaptl registered in the UK financial institution and investment consultant look at Iraq and looking for investment opportunity and we want to get into the financial markets, either with existing banks or in partnership with the new banks or even launch new banking products enter and participate in banking operations, but we would like to make it clear that we adopt in the management of our profit and look first for the management of risk and then enter, in other words that any risk can pay for it without affecting our financial and our profits go into investment in Iraq. He revealed that he found through discussions led by Chairman of the Board of Directors of Bank of Assyria Wadi Handal that there are three difficulties deter the entry of big investments despite the magnitude of the opportunities available in Iraq, the first of the Iraqi banks seem able to raise and improve the performance and disabled the second is the issue of solvency and the challenge and the other is how I invested and I know that Skoki unacceptable and Aatmadhati rejected within government projects and there is a lack of experience in the capital increase.
Promise of the opportunities available in Iraq is a big piece of cake for all international banks that wish to contribute to Iraq through building opportunities, projects and students to address this matter.
He criticized the way to deal with private banks and wondered, how do we ask the banks to develop their performance and I did not confess Beskokha Kdaha or banking? Are not these banks, the result of the economic system of Iraq and their licenses certified by the decisions of the state?
Promised at the end of his integration of sound and prudent step and said that integration is one of the options and the best and fastest in the country under the circumstances and less expensive to see, citing the Iraqi Central Bank representative, who explained that non-binding mechanism for integration.
As representative of the Central Bank on Article 13 of the Banking Act, which included steps to be followed when the integration of the banks. He pointed out that integration is a global phenomenon in Japan, for example there were more than 60 major bank united among themselves in the five giant banks and is now leading the economic development in Japan and abroad and in Lebanon as well as the united several banks became the 60 banks after the 91 banks. He explained that in Saudi Arabia thirtieth banks merged in one bank is the Commercial Bank of Saudi Arabia's capital and now a $ 500 billion and has more than 1300 branches all over the world, the Foundation leads the giant development operations in Saudi Arabia and abroad.
The Executive Director of the Iraqi market for securities Taha Ahmed Abdul Salam, has played down fears of the merger and said that this is not the first operation, there are mergers occurred between the two companies in the nineties, and these mergers covered by the Companies Act and the articles of the law of private banks.
Abdul Salam called for the involvement of the Securities Commission and the Iraqi market and depository center of Iraq to discuss future joint-stock companies because they are in contact with this process and overcome the challenges that may result from the actions and shareholders' rights are reserved. He repeated: that the merger procedures is not something impossible or difficult, and wished to have the body and the market place and the role and presence in these meetings for technical reasons and important to know the future of stocks that belong to shareholders after the merger.
The paragraph 8 of the agenda of the General Authority of the Bank of Assyria included a discussion of the proposed merger of Mosul Bank for Development and Investment and Union Bank of Iraq with the Bank of Assyria that sparked this debate, which turned into a seminar took over 6 hours of debate out of 7 hours, where the per board meeting to discuss agenda, took one hour.
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