Standard Chartered Bank PLC, one of the two British banks awarded licenses to operate in Iraq last month, has withdrawn its staff because of security reasons, The Independent newspaper reported on Sunday.
Standard Chartered and HSBC Holdings PLC were awarded the licenses on condition that they had banking operations up and running by the end of 2004.
According to the report, Standard Chartered dispatched two persons to make initial assessments but called them back about two week ago.
HSBC has yet to send its team to Iraq to start work on taking up its banking licence. It is understood to be assessing the security situation. (menareport.com)
© 2004 Mena Report (www.menareport.com)