Rafidain and Rasheed Bank Restructuring 90% Complete
|February 20, 2016||Filled under All Dinar Trade Articles, Iraqi Banking News|
Iraqi Banking News –
It revealed that the Ministry of Finance, on Saturday, announced the completion of 90% of the stages of structuring bank Rafidain and Rasheed, and confirmed the restructuring project to proceed through a global mechanism to support Iraq’s financial situation.
The general director of the Bank of Rasheed Mohammed Abdel-Wahab said in an interview with the (long-Presse), “The restructuring process of bank Rafidain and Rasheed began years ago in order to give greater support to banks through the credit mechanism globally.”
He said Abdul Wahab, that “90% of the stages of the restructuring of the two banks has so far,” stressing that “the process of a restructuring of the two banks to support the Iraqi financial situation.”
He had revealed the governor of the Iraqi Central Bank on the Keywords, in the (November 2015), for a proposal to restructure the bank Rafidain and Rasheed to the large number of administrative and technical their problems, as he pointed to the possibility of putting some of their shares to the private sector.
The Rafidain Bank confirmed, in the (November 2014), demanding that parliament was restructuring with Rasheed Bank, does not mean separated from the Ministry of Finance, but come to improve and Aqahma and increase their efficiency and automation of their work along the lines of international banks, noting that cases of breach, which recently witnessed stimulated with the Central Bank of Iraq, to reconsider the system of electronic clearing of controls “tougher” to control it almost completely.
The banking system in Iraq consists of 43 banks, as well as the central bank, and are distributed according to the property between the seven state-owned, and 30 waged, including seven Islamist, as well as six foreign banks.