Bank of Britain, Standard Chartered British announced yesterday to open 3 branches in Iraq on support of Britain’s government to meet one of its aim, which is to congregate the banking needs of the increasing number of their clients in Iraq, specifically in the oil, electricity, infrastructure, and telecommunication sector.

Furthermore, among their aims, the Bank of Britain is also discovering ‘foothold’ with U.S. banks that commenced to provide services in the country. They are planning to open 3 branches in Baghdad (Iraq Capital City) and Erbil in the final quarter of year 2013 and the other branch will be in Basra next year 2014.

The National newspaper notified UAE The National that was published yesterday that the Standard Chartered Bank of Britain depend on its government support in order to help the branches to open in Iraq in the given scheduled this year and to the next.

The publication added, step comes in the British bank structure endeavor to find its foothold among U.S. banks that started to offer its banking services in Iraq banking market.

It has showed that Bank of Britain is now on their way to launch the 3 branches within Iraq this year until the following year as the targeted period, to meet the country’s financial needs such as loans for their reconstruction projects and the oil-rich after several years of war.

The American banks that operate currently in Iraq affect primarily the Banks of Citibank and JPMorgan, where Beshra investment recover the oil production as well as the return of the contracts of the investment banking.

They explained clearly,

“Difficult security conditions experienced by Iraq, Standard Chartered Bank is planning to have a presence on the ground there as part of a strategic push into the country.”

The spokesman of the Standard Chartered Bank said that the bank has raised their appeal to Iraqi government officials in order to get a certification to open their branches and to meet their main aims which was mentioned earlier: to meet the ever more increasing needs of the people of Iraq, their clients, in banking needs in the oil, electricity, infrastructure, and telecommunication sector.

Now in Baghdad, the British embassy take part in a dynamic role to help the Standard Chartered Bank to penetrate into the Iraqi market list in order to assist the way of their negotiations along with the federal government as well as the Kurdistan Regional Government. The bank is demanding to find local clients starting on their first day opening of their branches.

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