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Warka Bank placed under ‘Guardianship’

Iraq’s central bank has reportedly placed private bank, Warka Bank under guardianship to supervise it through insolvency. According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said: “We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority … but to intervene as a guardian. He said the central bank would appoint a new temporary administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital. (Iraq-Business News)

Source: http://www.iraq-businessnews.com/2012/03/05/warka-bank-placed-under-guardianship/

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