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Warka Bank placed under ‘Guardianship’

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1Warka Bank placed under ‘Guardianship’ Empty Warka Bank placed under ‘Guardianship’ Sun Mar 04, 2012 11:32 pm

Fast Eddie


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Iraq’s central bank has reportedly placed private bank Warka Bank under guardianship to supervise it through insolvency.

Warka Bank had been in talks with Standard Chartered Plc to sell a stake last year, but they were not successful.

According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said:

“We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority … but to intervene as a guardian.

“When the bank loses its capital, fails in its financial operation and faces an unsolved problem, the central bank according to its law, intervenes as a guardian and appoints a new temporary administration to run this bank.“

He said the central bank would appoint a new administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital.

Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, said in August Warka needed less than 100 billion Iraqi dinars ($90 million) to enhance its liquidity.



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