For well-experienced, Lebanese banks, operating in the Iraqi under-banked market is one lucrative opportunity; “we see Iraq as a market with great potential, and we plan to take advantage of our experience, expertise, and our skilled staff to get the best results from our- first Iraqi operating branch,” said Chawki Badr, the head of international expansion at BBAC. 

BBAC plans to expand its presence in Iraq which is heart fully embracing Lebanese banks. Last month, the Central Bank of Iraq has called on three Lebanese banks, including BBAC, to expand their presence in the Arab country.

BBAC has already obtained licenses from the country’s Central Bank to open other branches across Iraq, said Badr; One of them will be in Baghdad.

Badr said he sees no security “risks” for operating in Irbil. He said that the security situation has improved considerably in Iraq as compared to years earlier. The Irbil branch has a capital of $7 million which is the capital required by the country’s-Central Bank.