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Trade Bank to boost Iraq trade finance needs

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 said: "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.