BBAC (Bank of Beirut and the Arab Countries) announced the opening of its third branch in Iraq. The new branch is located in Sulaymaniyah, King Mahmoud Street (60 Meter Road).
The opening of the Sulaymaniyah branch comes in line with BBAC’s expansion strategy in Iraq, where the bank has been crowned with success, encouraging it to invest and expand in order to earn a bigger share of the local market. This branch adds to the network of BBAC branches in Iraq, which now includes a branch in Erbil, north of Iraq and a branch in the capital, Baghdad. The bank looks forward to expanding in Baghdad and spreading out in other markets of Iraq such as Basra.
“Since our entry into the Iraqi market in 2008, we have become more confident that there are promising investment opportunities in the fields of construction, refurbishment of infrastructure and internal and external commerce. We have noticed the capacities of the Iraqi economy due to its expansion in different economic sectors such as industry, agriculture, transportation and services sector and in particular banking services. Based on that, we have transferred our expertise and working mechanisms in both banking and financial services, in order to invest them in the growth and development of banking services in Iraq. We have managed in a short period of time to achieve tangible results on different levels and BBAC is now among the top Lebanese banks in Iraq in terms of business volume and profit” said Mr. Chawki Badr, the Assistant General Manager for External Expansion at BBAC, commenting on the occasion.
Mr. Badr also added: “The opening of the new branch in Sulaymaniyah stems from our continual commitment to provide the best banking services that meet the needs of our customers. Based on that, our expansion in the different Iraqi districts through numerous branches was fundamental to save time and effort for our customers and to efficiently provide the best service they need wherever they are, reaffirming BBAC as “Your Caring Bank”.”
BBAC confirms its commitment to continue developing and expanding its branch network locally and regionally. The bank has an extensive network of 39 local branches in the different regions of Lebanon with the latest branch opening in Hazmieh area and plans to inaugurate more branches in the near future. Regionally, in addition to its branches in Iraq, the bank has a branch in Limassol – Cyprus, a representative office in Abu Dhabi – UAE and a new representative office opening soon in West Africa (Lagos – Nigeria).