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HSBC aims to sell stake in Iraq's Dar es Salaam

Associated Press

BAGHDAD (AP) — British banking giant HSBC says it is seeking to sell off its majority stake in Iraq's Dar es Salaam Investment Bank.

HSBC has previously said it was reconsidering its 70 percent investment in Dar es Salaam as part of a wider review of its global operations. Tuesday's brief statement made clear it is exploring ways to get rid of the stake altogether.

The disclosure comes a day after U.S. bank Citigroup announced plans to become the first American lender to open its own office in Baghdad.

Iraq's banking industry is dominated by state-owned banks, though a number of regional lenders have set up operations in recent years. Britain's Standard Chartered is hoping to open its first Iraq branch in the coming months.

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