Lebanese lenders set to expand in Iraq

April 27, 2014 12:55 am

President of the Association of Banks in Lebanon, Francois Bassil has said the country’s lenders plan to expand their services in Iraq and open more branches across the country, The Daily Star has reported. “Iraq’s seven state-owned banks have 80% of assets and 90% of total deposits in the country. However, we are going to the Iraqi market to serve new clients,” Bassil said. There are seven Lebanese banks operating in Iraq, and authorities in Baghdad are expected to issue three more licences soon.