Jordan - National US-Arab Chamber of Commerce

NATIONAL US-ARABCHAMBER OFCOMMERCENational Headquarters:1023 15th Street, NWFourth FloorWashington, DC 20005Tel: (202) 289-5920Fax: (202) 289-59381330 Post Oak BoulevardSuite 1600, Office 1644Houston, TX 77056Tel: (713) 963-4620Fax: (713) 963-46098929 South SepulvedaBoulevard, Suite 310Los Angeles, CA 90045Tel: (310) 646-1499Fax: (310) 646-2462420 Lexington AvenueSuite 2034New York, NY 10170Tel: (212) 986-8024Fax: (212) 986-0216©2004 National US-Arab Chamberof Commerce (NUSACC). Allrights reserved. No part of thispublication may be reproduced,stored in a retrieval system, ortransmitted in any form or by anymeans, electronic, photocopying,recording, or otherwise, withoutprior written permission of theNational US-Arab Chamber ofCommerce.NUSACC Welcomes New Senior Fellow Kevin WoelfleinThe National U.S.-Arab Chamber of Commerce(NUSACC) has just named it first Senior Fellow,Kevin Woelflein, who brings a wealth of expertise ininternational banking.Until recently, Woelflein served in Iraq as the CoalitionProvisional Authority’s SeniorAdvisor on banking issues. In thatcapacity, he played an instrumentalrole in creating the Private Bankersof Iraq (PBI), a professional associationrepresenting Iraq’s 19 privatebanks.Prior to his tenure in Iraq,Woelflein served in senior positionsat a number of banks, including TheFirst National Bank of Chicago andAmerican Security Bank inWashington, D.C.Upon joining NUSACC,Woelflein said, “I want to express myappreciation for the opportunity tobe associated with NUSACC.NUSACC’s business objectives areimportant to the development ofprivate sector business between the United States andthe Arab world. I feel that my experience, especially myrecent tenure in Iraq, will help NUSACC to achieve itsobjectives.”Since his arrival at NUSACC, Woelflein has givenspeeches and participated in panel discussions in anumber of forums, including the annual meeting inChicago of the Trade Conference of the BankersAssociation for Finance and Trade, a conference hostedby the Middle East Economic Digest in Dubai, a Departmentof Commerce briefing on the banking situationKevin Woelflein (left) joined other bankers and economists inbriefing 40 Iraqi government officials undergoing training at theU.S. Department of Commerce.in Iraq, and a roundtable discussion jointly organizedby the Coalition for Employment Through Exports(CEE), the National Foreign Trade Council (NFTC),and NUSACC.Woelflein says there is good news to relate about theKevin Woelflein speaks at the Metropolitan Club at a luncheon co-hosted by CEE, NFTCand NUSACC.progress of the banking sector in Iraq. Among the pointsthat he has made in recent weeks:• Numerous international foreign banks are takingactive steps to establish their presence in Iraq,including HSBC, NBK, Standard Chartered,Export & Finance Bank, The Arab Bank, andArab Banking Corporation.• The Central Bank of Iraq has established muchhigher than minimum capital requirements fornew Iraqi investor groups planning to form sevennew private banks. This is intended to ensure thatIraq’s private banks will be well capitalized. Theresult is that the potential loan funds from privatebanks may be increased by about $750 million inthe near future.• New bank licensing by the Central Bank of Iraqincludes three banks to be headquartered in theKurdish region in northern Iraq. Thus, banklicensing will be one of the first importanteconomic developments to help integrate the KurdArea into Federal Iraq.• The private banks have organized themselves into aprofessional association in order to serve as a singlevoice on issues affecting private banks, to promotethe concept of bank accounts for Iraqis, and to linkthe Iraqi association to all bankers associationsworldwide. The private banks have also been activein establishing the Iraq Commercial BankingCenter, a facility to provide training for bank staff.NUSACC’s leadership is pleased and proud to welcomeKevin Woelflein to NUSACC! ✦