Led by JP Morgan, the consortium also includes leading international bank, Standard Chartered, which brings its substantial global expertise in trade finance to this effort.
Joseph Evangelisti, spokesman for JP Morgan noted, "This is a critically important assignment, and we look forward to putting in place the necessary arrangements as soon as possible."
The consortium will be responsible for developing and operating the Trade Bank of Iraq to facilitate trade flow funding. Initially funded by resources from the Development Fund for Iraq, the Trade Bank of Iraq will offer L/C opening services as well as export negotiation. Additional services will be brought on line as deemed appropriate by local authorities.
David Edwards, Regional General Manager for the Standard Chartered Bank's operations in the Middle East and South Asia, said, " Standard Chartered is delighted to be able to lend our expertise in support of Iraq's rebuilding efforts. Leading the way in Asia, Africa and the Middle East, the Bank has a strong commitment to this region and is uniquely placed to help the Iraqi economy and people through development of the banking system.
"We are excited to be able to play a role in the reconstruction process. With our consortium partners, we look forward to co-ordinating with the relevant authorities and getting started as soon as possible."
A fundamental commitment from the consortium is to train local staff in international standards of banking operations to expedite the growth of the local banking system.
Stuart Horsewood, Standard Chartered's country manager for Iraq affirmed, "We are honoured to be part of this appointment. With over 50 years presence in many countries across the Middle East, Standard Chartered has considerable experience in operating in Middle Eastern markets, and is dedicated to developing the experience and expertise of our local teams in every country where we operate."
The acquisition of the ANZ Grindlays operations in 2000, gives the Bank important additions to its branch network across the region, and makes Standard Chartered one of the leading international banks in the Middle East and South Asia. Its biggest market in the region is in the United Arab Emirates where it has the largest branch network of any foreign bank.
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JPM Consortium selected to help establish and operate Trade Bank of Iraq
- Iraq: Monday, September 01 - 2003 at 09:39
- PRESS RELEASE
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The Coalition Provisional Authority in Iraq (CPA) has announced the successful appointment of the JPM Consortium to help establish and operate the Trade Bank of Iraq.
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, September 01 - 2003 at 09:39 UAE local time (GMT+4)
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For further information please contact:
Paul Marriage, Head of Media Relations
+44 207 280 7163
Cindy Tang, Regional Head of Corporate Affairs, MESA
+971 4 50 70 475
Caoimhe Buckley, Media Relations Manager
+44 207 280 6170
Aida Hamza, Head of Corporate Affairs, UAE
+971 4 50 70 666
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It is one of the world's most international banks, with a management team comprising 70 nationalities.
Standard Chartered is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market capitalisation.
It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, custody, foreign exchange, debt capital markets and corporate finance.
Standard Chartered is well-established in growth markets and aims to be the right partner for its customers. The Bank combines deep local knowledge with global capability.
The Bank is trusted across its network for its standard of governance and its commitment to making a difference in the communities in which it operates.
Standard Chartered in the Middle East and South Asia
One of the leading international banks in the region, Standard Chartered has a branch network of 76 branches in 10 countries. The UAE is one of the Bank's major markets, and Standard Chartered has a commanding share of the market in its chosen market segments. Overall, the Middle East and South Asia region contributed over 11% of the Group's revenues in 2002, clearly demonstrating the Bank's strong network and expertise in the region.
Standard Chartered Bank in the UAE
Standard Chartered Bank has a Consumer Banking network comprising eight branches and 22 automated teller machines (ATMs). Standard Chartered is the leading provider of cash management trade finance, and treasury products and services in the UAE.
Paul Marriage, Head of Media Relations
+44 207 280 7163
Cindy Tang, Regional Head of Corporate Affairs, MESA
+971 4 50 70 475
Caoimhe Buckley, Media Relations Manager
+44 207 280 6170
Aida Hamza, Head of Corporate Affairs, UAE
+971 4 50 70 666
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It is one of the world's most international banks, with a management team comprising 70 nationalities.
Standard Chartered is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market capitalisation.
It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, custody, foreign exchange, debt capital markets and corporate finance.
Standard Chartered is well-established in growth markets and aims to be the right partner for its customers. The Bank combines deep local knowledge with global capability.
The Bank is trusted across its network for its standard of governance and its commitment to making a difference in the communities in which it operates.
Standard Chartered in the Middle East and South Asia
One of the leading international banks in the region, Standard Chartered has a branch network of 76 branches in 10 countries. The UAE is one of the Bank's major markets, and Standard Chartered has a commanding share of the market in its chosen market segments. Overall, the Middle East and South Asia region contributed over 11% of the Group's revenues in 2002, clearly demonstrating the Bank's strong network and expertise in the region.
Standard Chartered Bank in the UAE
Standard Chartered Bank has a Consumer Banking network comprising eight branches and 22 automated teller machines (ATMs). Standard Chartered is the leading provider of cash management trade finance, and treasury products and services in the UAE.
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