Ryan
Already the third largest financial institution on the planet, HSBC has seen its fortunes brighten beyond its wildest dreams since the start of combat. It has purchased a controlling stake (70%) of the newly created Iraqi national bank, Dar es Salaam Investment Bank, which, though small, has already amassed assets of $91 million. HSBC’s chief executive of Middle East operations, David Hodgkinson, was quoted as saying HSBC intends to “develop the bank’s services by investing in computerised payment systems and cash machines.’
HSBC’s stake in the fledgling Iraqi bank could turn out to be a significant strategic foothold in the developing country. According to a BBC report, the bank already has 14 operating branches across Iraq and a modest but growing staff of 450. It is also the first private bank in Iraq since the toppling of Saddam Hussein, as the late dictator did not allow them during his rule.
