Trading suspended for 13 banks as they seek to increase capital
Out of the 21 private banks listed on the Iraq Stock Exchange (ISX), 13 of them have failed to meet the Central Bank’s end-June deadline to raise their capital to ID100bn ($86m).
All 13 banks have been suspended from trading prior to their annual general assembly meetings (AGM) to increase their capital.
Already two mergers have been announced. It is likely that more of the banks will seek to merge with local or foreign banks rather than attempt to generate capital internally.
HSBC’s Dar Es Salaam is the largest private bank and on 7 June the UK bank announced it would subscribe fully to Dar Es Salaam’s 46.9 per cent rights issue.
United Bank has already reached the second target capital of ID150bn set for mid-2012.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.