Standard Chartered doesn’t offer retail banking services in Iraq, and the Basra branch will cater to businesses.
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Standard Chartered PLC is reviving stalled plans to open a third branch in Iraq amid what the bank sees as a dramatic improvement in security in the OPEC nation.Iraq's defeat of Daesh (ISIS) militants has enabled Standard Chartered to move ahead with the planned opening, six years after freezing the expansion due to concerns about safety, said Mohammad Jawad al-Delaimy, chief executive officer of the bank's Iraq business.Its profits from Iraqi operations have been on the rise since 2014, Delaimy said. The bank plans to sign financing deals worth about $500 million for power projects with two international companies by the end of this year or early in 2020, he said, declining to identify the firms.Standard Chartered doesn't offer retail banking services in Iraq, and the Basra branch will cater to businesses.
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