Foreign banks expand their business in Iraq

Banking sources predicted increase in the number of branches of Lebanese banks operating in Iraq at the end of this year to 50 banks, belonging to ten Lebanese banks, it entered the Iraqi banking market five years ago to add a significant presence attracted circles wide audience, among them businessmen, investors, Iraqi and Lebanese and Arab residents in Iraq. He said banking expert Iraqi high Nasser Hussain in a press statement that "the Lebanese banks which are distributed branch offices in Baghdad, Basra and Erbil and other Iraqi cities have the history and experience of banking comprehensive compared to the banks of countries in the region, which is keen to provide banking products and services in a manner deal with the customer in a different way what is supported Iraqi banks, making the Lebanese banks attract more Iraqi businessmen. " He pointed out that Lebanese banks entered the Iraqi market, taking advantage of future prospects, help her to activate the competition with banks from other countries at the forefront of Turkey and Iran. " The banks Byblos and Antrcntnal Lebanon, Beirut and the Arab country had its first initiative to open branches in Baghdad, Erbil and Basra and Sulaymaniyah, and then followed by a «Mediterranean Bank» and the Lebanese bank - the French and Credit Libanais, and after the Bank of BLOM Bank Middle East and North Africa, Farnese Bank and Bank finally return.The Iraqi staff working in Lebanese banks, they are «fighting a new experience different from what was the case in Iraqi banks, in terms of the adoption of flexibility in dealing with the need to anticipate the risks, given the specificity of the Iraqi market and which is characterized by exceptional. Hussein pointed out that the CBI select operating capital for branches of Lebanese banks $ 7 million, and track management in Lebanon, which increases the capital of any of them on a billion dollars. "The CBI has asked the foreign banks in Iraq, including the Lebanese to increase its capital to $ 70 million, to be able to increase the size of its activities, especially as the amount of capital in the Iraqi private banks select a ceiling of at least 250 billion Iraqi dinars, or about 215 Million dollars". Hussein noted an increase in the size of the Iraqis deal with the Lebanese banks, and businessmen Iraqis began receiving Visa cards issued by these banks to its weight globally by banking, and the availability of many international branches and banking relationships.