Latest news with #OliverWyman
Shafaq News
20 hours ago
- Business
- Shafaq News
Iraqi banks eye capital boost extension
Shafaq News – Baghdad Iraq's central bank and broader banking system are undergoing a pivotal phase, with expectations rising that the deadline for mandated capital increases will be extended to three years, economic expert Mustafa Akram Hantoush told Shafaq News on Monday. He clarified that the Central Bank of Iraq (CBI) had contracted the global consultancy Oliver Wyman last year to conduct a comprehensive assessment of the country's banking sector, confirming that the company has completed its study. An initial report was submitted three weeks ago, followed by the release of a final report containing a set of mechanisms to address banking challenges and regulate dollar transactions. These proposals are currently under review by the Central Bank and Oliver Wyman. According to Hantoush, the recommendations include raising the capital of all Iraqi banks to 400 billion dinars(Approx. $306 million), as well as requiring banks to pay $2.4 million over four years. These conditions are part of a broader reform framework that also calls for mergers or liquidations, and for restructuring capital ownership so that no more than 10% is held by family members. He noted that these requirements pose a major challenge, particularly for sanctioned banks, making it difficult to meet the new capital thresholds, emphasizing the need for ongoing discussions between the Central Bank and affected banks to reach a workable arrangement. He added that the Central Bank is expected to open a new round of dialogue with the consulting firm in search of a compromise, which may include extending the capital increase period beyond three years or lowering the required amounts to better align with the capabilities of Iraqi banks.
Iraqi News
a day ago
- Business
- Iraqi News
Iraq's Central Bank faces last chance to reform banking sector
Baghdad ( – Iraq's Central Bank (CBI) is facing a critical deadline with less than two weeks for private banks to implement the reform roadmap proposed by the American company 'Oliver Wyman.' Failure to do so could lead to the direct intervention of the US Federal Reserve and the US Treasury, a scenario Baghdad is eager to avoid to protect its sovereignty and reputation. For years, the US Federal Reserve and Treasury have maintained a strict policy with the CBI, which led to approximately 50% of Iraqi banks being excluded from dealing in US Dollars due to sanctions and restrictions. During this period, the Federal Reserve imposed numerous requirements to enhance compliance, including the expansion of direct transfers and electronic payments, and the consolidation of banks through mergers and liquidation, along with changes in ownership and capitalization structures. This situation put the CBI in a difficult position, caught between the demands of the US Federal Reserve and powerful domestic interests that own and operate dozens of banks, which profit from the flow of US Dollars. As a compromise, the CBI commissioned 'Oliver Wyman,' a US-based firm with ties to the Federal Reserve and the Treasury, to evaluate the Iraqi banking system and present a reform plan. The resulting plan, presented by the consulting firm, mirrors the very requirements that the Federal Reserve and Treasury had demanded in the previous year. This suggests the CBI received the federal requirements indirectly, a tactic that appears to be a way to cover for direct US intervention in reforming the Iraqi banking system. The plan is now ready for implementation, but according to economic expert Ziyad Al-Hashimi, there are 'benefiting parties' working behind the scenes to obstruct the reforms. Al-Hashimi warns that if the CBI fails to enforce the plan, the Federal Reserve and Treasury will return to direct intervention and pressure, or impose even more stringent measures and sanctions. The CBI is working diligently to avoid this direct intervention to protect its reputation and assert its independence, a task that requires a firm stance against internal pressures.
Bloomberg
4 days ago
- Business
- Bloomberg
US Has Leverage as Trump, Putin Meet: Tannebaum
Daniel Tannebaum, Oliver Wyman Global Anti-Financial Crime Practice Leader, says a mismatch may exist between U.S. President Donald Trump and Russian President Vladimir Putin, stressing the U.S. and its Western allies have more leverage over Russia than realized. He tells Scarlet Fu and Vonnie Quinn on 'The Close' that American businesses are reluctant to return to Russia. (Source: Bloomberg)
Yahoo
4 days ago
- Automotive
- Yahoo
Marsh unveils new insurance facility for US freight brokers
Marsh, an insurance broker and risk advisor under Marsh McLennan, has launched an insurance facility, named BrokerSafe, to offer freight brokers auto liability coverage in the US. The new offering is the result of a collaborative effort with Oliver Wyman, which is also a part of the Marsh McLennan family. The BrokerSafe facility utilises an underwriting technology tool that incorporates analytics and proprietary algorithms. The tool provides an assessment of freight broker's contingent auto liability risk exposure. With the backing of a panel of A-rated US insurers, BrokerSafe will offer contingent auto liability coverage that is aligned with the actual risk profile of freight brokers, the company said in its press release. The facility provides up to $5m in primary limits, and there is an option for an additional $5m in excess capacity, which can be accessed from the London market. Marsh US and Canada logistics practice leader Janelle Griffith stated: 'In today's complex liability risk landscape, freight brokers are looking for sustainable, long-term freight broker auto liability insurance that enables them to manage their risks more effectively. 'With BrokerSafe, Marsh and Oliver Wyman are transforming the freight broker auto liability insurance market by providing clients and underwriters the data and insights they need to make informed risk transfer decisions.' In June, Marsh also launched Nimbus, an insurance facility focused on the construction of large-scale data centres in the UK and Europe. Nimbus is designed to combine several types of coverage including construction all-risks, delay in start-up, property damage and business interruption. It offers coverage capacity of up to €1bn ($1.17bn) for construction all-risks and up to €350m for delay in start-up. "Marsh unveils new insurance facility for US freight brokers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Shafaq News
5 days ago
- Business
- Shafaq News
Banking reform plan needs adjustment, expert says
Shafaq News – Baghdad On Thursday, Iraqi Economist Ahmed Abdul Rabah called for amending the banking reform standards announced by the Central Bank of Iraq (CBI). Abdul Rabah told Shafaq News that Central Bank Governor Ali Al-Allaq has unveiled a comprehensive banking reform plan, emphasizing the importance of the media's role in explaining the initiative transparently and accurately. He explained that among the proposals submitted by experts to the governor is permitting some banks to operate locally under direct CBI oversight, while others could apply international standards in partnership with firms such as Oliver Wyman. Abdul Rabah underscored the need for broad dialogue between the central bank and Iraqi banks to clarify the technical aspects of the reform document and discuss mechanisms for gradual implementation that take into account Iraq's economic realities. He stressed that while commitment to reform should be upheld in principle, the standards and procedures must be framed in a way that builds trust in the banking sector and contributes to its development. Al-Allaq met, on August 12, with global consultancy Oliver Wyman to discuss the details of a banking reform plan presented by the Iraqi Private Banks Association, as part of efforts to modernize the sector and align it with international standards.
