Iraqi bank to prepare for privatisation

[k hanly <khanly@xxxxxxxxxxxxxxx>]

<http://www.menafn.com> MENAFN - 10/02/2004







(MENAFN) Iraq's state-own Rafidain Bank, the largest in the country, plans
to lay off a third of its staff and restructure its debt-burdened balance
sheet in preparation for privatization; the bank's chairman was quoted by
Reuters as saying. The executive added that the bank is moving towards
for-profit operations and away from free services to the state.

The bank is saddled with over $20 billion of Iraq's debt. The former Iraqi
government opened letters of credit through the bank that were never
settled. The debt became technically classified as the bank's liability.