Bank of the Middle East Iraq to do its cooperation with regional banks

(Voice of Iraq) Baghdad - Hisham Abdul Wahab - Dar Al-Hayat carried out Bank of the Middle East Iraq Investments, an ambitious plan which covers the provinces of the diversity of banking products. It depends on the activation of its foreign relations with 20 banks and financial institutions spread over Lebanon, Jordan, UAE, Germany, England and Turkey, in the opening credits and the issuance of security and foreign remittances. The Director Commissioner of the bank ruled Zarzis Behnam told life, that the performance sober to the bank to make it win first place in the classification of the Iraqi Central Bank to private banks according to the system full (CAMEL), it earned a Calendar senior who has not shared by any from other banks. The high financial position by 4.1 percent, and increased credit balance cash for up to a record low adult 142.6 billion dinars after it was 63.8 billion dinars». He Behnam that the bank «looking forward to achieve a qualitative leap in its activity to reach a capital of $150 billion dinars (about $ 128 million) next year, in response to the request of the Iraqi Central Bank, the heads of banks to access their funds to promote good levels of strength and remedy the crisis. He stressed the importance «central role in the advancement of the Iraqi banking sector and support its activities in ways that enhance opportunities for participation in development processes. He said that this support safety valve for the sector, which faces many challenges in light of the exceptional situation experienced by the Iraq now. He believed that the promotion of sectors of development and investment of the sector priorities that require an amendment to introduce the necessary amendments to the Banking Act in particular paragraph 28 thereof to allow them to invest in industrial, agricultural and service, as well as the amendment of the Investment Law No. 13 to allow foreign investors more opportunities to participate in investment activity. He pointed out that the bank's strategy is to strengthen the hedge in the field of credit measures have contributed greatly to increase the bank's ability to meet the requirements of the local market and credit applications and contribute to the financing of investment projects». The Behnam this fall «within the framework of a plan consistent with the criteria that established by the resolutions of the «Basel - 3», being careful to keep up with plans for state investment that requires proper use of funds with and maintenance of financial and administrative corruption, and make them contribute to the move of production base, which directly affect the banking sector, in terms of development and strengthen its role in contributing to the funding and lending » .

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