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Standard Chartered in Talks to Buy Shares in Iraq

Standard Chartered Plc (STAN) is in talks to purchase shares in Baghdad-based Warka Bank for Investment and Finance JSC, according to a Warka official.

“Yes, there are negotiations for Standard Charter to acquire shares of Warka Bank,” Hussam Abdul Kareem Khalaf, a branch manager at Warka Bank in Baghdad’s Green Zone, said in a telephone interview today. “We are still not sure about the percentage of shares as negotiations are still ongoing, but this is expected to take place.”

A Standard Chartered spokesman reached by telephone from Dubai declined to comment.