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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 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 Iraq the appearance of Mohammed Saleh said that "the Bank put under guardianship Warka Bank to oversee the work through insolvency", in reference to cases of bankruptcy or disability.
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 authority financial but to intervene as a trustee, according to (RTRS).
added benefit 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. "Salih stressed that" in case The bank's capital, failed in its banking operations and faced an intractable problem, interfere with the central bank according to its law in his capacity as a trustee and appoint a new management temporary. "
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 the Warka Bank 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 insertion if the stoppage of trading for a period of six months without taking appropriate action to appeal, pointing out that the Warka Bank is turned off from trading since the eighth of February 2010. "
The Warka Bank for Investment and Finance, which was established in 1999.130 branches and 350 machines ATMs in all parts of Iraq.
It is noteworthy that 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 banks special and eight Islamic banks in particular, according to the website of the Central Bank, while the banking sector is dominated by banks, Rafidain and Rasheed Aovernmaan, and is currently subject to restructuring in order to pay off the debts that have accumulated after years of war and sanctions.
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