HSBC To Buy Iraqi Bank
HSBC lines up deal to buy control of Iraqi bank
This is part of press release by VICTORIA THOMSON ( see original )
HSBC Holdings is close to securing a deal to buy a 70 per cent stake in Iraq’s Dar Es Salaam Investment Bank in a bid to expand into Iraq as it rebuilds after war.
Foreign banks were banned from Iraq throughout 35 years of Baathist rule, but Saddam Hussein allowed private Iraqi banks to operate in the 1990s.
The now disbanded US-led occupation authority gave HSBC, Standard Chartered and the National Bank of Kuwait permission last year to open in Iraq. But violence has set back plans to open branches, and HSBC does not yet have operations in Iraq.
HSBC has been in talks with Dar Es Salaam since at least July 2004.
“We are very close to concluding an agreement,” said David Hodgkinson, CEO of HSBC Bank Middle East.
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I think that people shouldn’t be so hard on an international company aquiring other companies in an effort for expantion. It is too bad that we as Americans put down a company for stepping up to help the financial sector of Iraq rebuild. Oh, did I mention how many US oil companies did profit from the war through the aquisiton of oil companies? We don’t seem to be attacking them.
HSBC bought U.S. predatory lender Household International and is in the process of exporting the “Household Model” (HSBC’s words) to other countries. To do so is socially irresponsible.
Household International is now called HSBC Finance Corporation. As such they disregard the Soldiers and Sailors Act, practice predatory tactics against our military, and have been doing so for many years. The irony of HSBC buying a 70 per cent stake in Iraq’s Dar Es Salaam Investment Bank in a bid to expand into Iraq, while stabbing American service members in the back is beyond belief. See our article ‘HSBC Discriminates against U.S. military’
We assumed, quite incorrectly, that the U.S. government would have some control over our own government contracts, and would not award contracts if they knew a financial institution to be predatory.