HSBC presence in Iraq costs U.S. military

While HSBC continues to abuse the U.S. military, that same military has helped HSBC in Iraq. HSBC sees bigger things to come in Iraq, home to the world’s third-largest oil reserves and desperate to rebuild after years of war.

“You have a country with an infrastructure largely in tatters, and tremendous potential in oil and gas,” HSBC Bank Middle East Ltd chairman Youssef Nasr told Reuters by telephone from Dubai.

Through its 70 percent stake in Dar es Salaam Bank, which has a capital of 50 billion Iraqi dinars ($43 million), HSBC is one of the few foreign lenders with a presence in the country and is considering expanding along oil export routes.