Iraqi Dinar Discussion Board

[pkripper]

Rick, chase is directlt connected to the Tbi see following with link.

Licenses are required for anyone to open a bank in Iraq. Under CPA Order #40 the number of foreign bank licenses was limited to six with limitations on ownership of private banks, but this requirement was rescinded on June 7, 2004 by CPA Order #94. There is now no legal limit on the number of licenses that can be granted to foreign banks. Following a request for applications issued in November 2004, Iraq received fifteen applications for a foreign bank license. Originally, the Central Bank Governor announced the three licenses to be awarded – The Hong Kong Shanghai Banking Corporation (HSBC) and Standard Chartered Bank both from the U. K. and the National Bank of Kuwait (NBK). Later the Arab Banking Corporation of Bahrain was also granted a license. Most recently, HSBC purchased a majority share in the Iraqi private bank, Dar Es Salaam and has begun operations.


Trade Bank of Iraq and International Financial Institutions
Iraq’s state banks are not yet in a position to do business abroad due to their insolvency and technical inefficiencies. Yet, trade finance and short-term credit was recognized early as essential to the growth of trade in Iraq. For this reason, the CPA established the Trade Bank of Iraq (TBI) as a separate Iraqi government entity and export credit agency to facilitate the import and export of a variety of goods and services to and from Iraq. The TBI (http://www.tbiraq.com/) provides expertise and a point of contact within Iraq for international firms. More importantly, it provides trade financial services that other Iraqi institutions are currently unable to offer in order to bolster the confidence of suppliers that payment will be received for the delivery of their goods and services. The TBI works with Iraqi commercial banks and the operating consortium, which is a group of international banks led by J.P. Morgan Chase. As of September 1, 2005, the TBI had issued 1740 Letters of Credit to 66 different companies, totaling over $6.52 billion. The TBI is discussed in detail in CPA Order #20. (http://www.iraqcoalition.org/regulations/index.html#Regulations)

link

http://www.export.gov/iraq/bus_climate/businessguide_current.html#banking