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IRAQ OPENS TO FOREIGN BANKS

BAGHDAD, Iraq - Iraq's central bank has said it has given licenses to the National Bank of Kuwait, Britain's Standard Chartered, and Hong Kong Shanghai Bank (HSBC), heralding the entry of foreign banks into the country for the first time in decades.

"They can start operations as of the middle of March. There will be another three foreign licenses announced shortly," an aide to central bank governor Sinan al-Shabibi told reporters at a recent press conference. 

The US-installed monetary authorities have invited international banks to apply for six five-year licenses. Each of the 15 foreign banks that applied pledged to have minimum capital in Iraq of $25 million.

Standard Chartered has been expanding in the Middle East, opening branches in Jordan and Lebanon in recent years and focusing on retail.
 
HSBC, the world's second-largest bank by market value, already operates in 12 Middle East countries.
 
The National Bank of Kuwait is one of the largest Gulf banks. Kuwait hopes to act as a base for companies eyeing a share of Iraq's reconstruction but worried over security.

Socialist governments that took control of the economy expelled foreign banks from Iraq in 1960s.
Saddam Hussein allowed private Iraqi banks to operate in the 1990s, but 13 years of UN sanctions and over-regulation have damaged the banking system, which badly lags behind the world.
 
Iraqi business figures say it is unclear whether foreign banks will chose to open branches first in Baghdad or in more secure areas such as Iraqi Kurdistan.

TEMECULA VALLEY BANK OPENS NEW LOAN OFFICE

RANCHO BERNARDO - Temecula Valley Bank has opened a new loan production office in Rancho Bernardo.

The new office will be managed by Carl Kruse, who has joined the bank as Senior Vice President. Mr. Kruse will be responsible for the lending and management of the Rancho Bernardo loan production office.

Prior to joining Temecula Valley Bank, Kruse served as Vice President/Manager for California Bank & Trust in Rancho Bernardo for over seven years. His previous experience includes four years as Vice President/Branch Manager of First Pacific National Bank of Escondido.

In addition to his banking career, he served on the Poway City Council for over eight years, including two years as mayor. He currently is the immediate past Chairman of the Board of the Rancho Bernardo Chamber of Commerce and serves on the loan committee for California Southern Small Business Development Corporation.

According to a bank spokesman, subject to regulatory approval, the bank has plans in the near future to open a full service office at the same location.

Temecula Valley Bank was established in 1996 and operates full service offices in Temecula, Murrieta, Fallbrook, Escondido and El Cajon. Temecula Valley Bancorp was established in June 2002 and operates as a one-bank holding company for Temecula Valley Bank.

The bank also has SBA loan production offices in the California communities of Sherman Oaks, Fresno, Chico, and Anaheim Hills, as well as Bellevue, Washington; Gurnee, Illinois; Avon, Ohio; Atlanta, Georgia; and Bradenton, Tampa/St. Petersburg, Coral Springs, and Jacksonville, Florida. 

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