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Three International Banks Given Licenses to Operate
Iraq's central bank announced that it has given licenses to three foreign banks to operate in the country...
Iraq's central bank announced that it has given licenses to three foreign banks to operate in the country. The banks are National Bank of Kuwait (NBK), HSBC, and Standard Chartered. The banks will be allowed to start operations in Iraq in mid-March and will be the first foreign banks to operate in the country in decades.
US-installed monetary authorities in Iraq held a tender to award the three six-year licences and a total of 15 international banks applied. The winners will be required to have minimum capital in Iraq of $25 million each.
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