Standard Chartered Launches Banking Operations in Iraq

Bloomberg File Photo
Wed, Nov 27, 2013

by Sylvia Westall

British lender Standard Chartered recently launched banking operations in Iraq, with the opening of its head office and first branch in Baghdad.

Standard Chartered says it is upbeat about Iraq’s economy and plans on being an active participant in economic growth. It also plans on playing a key role in the development of Iraq’s financial sector.

"The Iraqi government is planning large scale infrastructure projects and these will require international financing solutions," said Gavin Wishart, chief executive of the bank's Iraq operations. Standard Chartered will work to "meet the increasing banking needs of its global network clients in Iraq, notably in the power, oil, telecoms and infrastructure sectors.”

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