The Commercial Bank of Iraq, the largest private bank in Iraq, intends to open a branch in Beirut as part of its regional and international expansion plan, that includes branches in London and Istanbul, with the aim to serve Iraq’s private sector companies and retail clients.
The Bahrain-based Ahli United Bank has a 49% stake in the Commercial Bank of Iraq. In parallel, Al-Bilad Islamic Bank for Investment & Finance, one of seven Iraqi Islamic banks, is reportedly planning to establish a direct presence in Lebanon and has applied to the Central Bank for a license. The bank’s local operation intends to have a capital of $140m. There are currently four Islamic banks operating in Lebanon.
Lebanon this week – Byblos bank