British bank Standard Chartered has forayed into Iraq's banking arena by opening a new branch, as part of its plan to expand its presence in the country.
The bank launched its wholesale banking operations with the opening of its head office and first branch in the capital city Baghdad, which will offer required financial support to global firm looking to explore business in the region.
The bank, which has been operating through a representative office in Arbil, also plans to set up two more branches in Erbil next month and in Basra during the first half of 2014.
Standard Chartered Bank Middle East, North Africa and Pakistan regional CEO Christos Papadopoulos said, "Our entry into Iraq comes in line with our continuous efforts to organically expand our on-the-ground presence in the Middle East, which is a key strategic region for Standard Chartered."
"It also reinforces our brand promise, "Here for good" as we expect to play a key role in the development of the Iraqi financial sector and the economic development of the country."
As a client-centric bank, expanding our presence in Iraq will cater to the increasing banking needs of our international clients operating in the country, Papadopoulos further added.
With the launch of its office, Standard Chartered has become the first global bank to operate full-fledged wholesale banking operations in Iraq.
Gavin Wishart has been appointed as the CEO for Standard Chartered Iraq, who will oversee the business from Baghdad and will report to Papadopoulos.