Global banks covet Iraq, but doubts hang over the country's sector

Global banks covet Iraq, but doubts hang over the country's sector
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Published July 22nd, 2013 - 15:55 GMT via SyndiGate.info

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Iraq’s banking sector is no mean feat
Iraq’s banking sector is no mean feat
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Standard Chartered
,
Citibank

Interest by Citibank and Standard Chartered to expand into Iraq highlights the vast potential of the country’s banking sector, but the experience of a global rival points to the many pitfalls they must navigate.

With tens of millions of potential customers, few of whom have bank accounts, the country could provide a windfall for firms that manage to grab a foothold.

Iraqis are on the hunt for a full range of services, from current accounts to insurance and mortgages, little of which is currently on offer.

But outdated regulations, a preponderance of state-owned banks, poor infrastructure, and a litany of other obstacles mean succeeding in Iraq’s banking sector is no mean feat.

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