28th Oct 2005 16:58
HSBC Holdings PLC28 October 2005 DAR ES SALAAM INVESTMENT BANK HSBC confirmed on 17 May 2005 that it was in negotiations to acquire a majoritystake in Dar Es Salaam Investment Bank of Iraq. Having concluded those negotiations successfully and obtained all necessaryregulatory and other approvals, HSBC has completed the acquisition of a 70.1 per cent equity interest in Dar Es Salaam Investment Bank which, at 31August 2005, had gross assets of IQD35,562 million^ (US$91.9 million). Footnote: ^ Unaudited and based on local accounting rules. Note to editors:HSBC Holdings plcHSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110million customers worldwide from more than 9,700 offices in 77 countries andterritories in Europe, the Asia-Pacific region, the Americas, the Middle Eastand Africa. With assets of US$1,467 billion at 30 June 2005, HSBC is one of theworld's largest banking and financial services organisations. HSBC is marketedworldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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