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Aussies`s ANZ bank in consortium to establish Iraq Trade Bank
Sydney, Sep 01: The Australia and New Zealand Banking Group Ltd (ANZ) has been selected to join a consortium of international banks headed by J P Morgan chase that will assist in the establishment of the Iraq Trade Bank, ANZ officials said today.
Sydney, Sep 01: The Australia and New Zealand Banking Group Ltd (ANZ) has been selected to join a consortium of international banks headed by J P Morgan chase that will assist in the establishment of the Iraq Trade Bank, ANZ officials said today.
The Iraq Trade Bank is a specialist bank which will provide trade finance services to facilitate international trade as part of Iraq's reconstruction.
The terms of ANZ's involvement are confidential but the bank said that there is no risk to staff involved as it would not have an on-the-ground presence in Iraq.
It may play a role in training and knowledge transfer to assist the re-development of the banking system in Iraq, which is in desperate need of trade finance to support urgent short-term humanitarian needs and imports necessary for economic redevelopment.
To date, the United Nations 'Oil for Food Programme' has fulfilled some trade finance needs but that programme is due to expire in November 2003.
ANZ managing director, trade and transaction services, Mark Paton, said it is natural for ANZ to play a role.
"As the leading trade finance bank in Australasia we already have extensive experience in providing trade finance support to Australian and New Zealand businesses who export to the Middle East and Iraq," he said.
"In recent years Australasia has been among Iraq's top three sources of imports with trade flows in excess of one billion Australian dollars (650 million US dollars)."
Bureau Report
The terms of ANZ's involvement are confidential but the bank said that there is no risk to staff involved as it would not have an on-the-ground presence in Iraq.
It may play a role in training and knowledge transfer to assist the re-development of the banking system in Iraq, which is in desperate need of trade finance to support urgent short-term humanitarian needs and imports necessary for economic redevelopment.
To date, the United Nations 'Oil for Food Programme' has fulfilled some trade finance needs but that programme is due to expire in November 2003.
ANZ managing director, trade and transaction services, Mark Paton, said it is natural for ANZ to play a role.
"As the leading trade finance bank in Australasia we already have extensive experience in providing trade finance support to Australian and New Zealand businesses who export to the Middle East and Iraq," he said.
"In recent years Australasia has been among Iraq's top three sources of imports with trade flows in excess of one billion Australian dollars (650 million US dollars)."
Bureau Report