Lebanon Businessnews News

BLF now in Iraq
Plans to develop operations abroad
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Banque Libano-Française (BLF) has recently launched its operations in Iraq. BLF Iraq will serve Lebanese and Iraqi businessmen as well as international companies in the market.

Establishing a physical presence in Iraq is a strategic choice for BLF, according to Maurice Iskandar, Head of the International Division at BLF and member of its Executive Committee. “The launching of our Baghdad branch is the first step in our expansion journey in Iraq, where we hope to continue growing by opening additional branches throughout the country,” he said.

The full-service branch in Bagdad will offer traditional banking services for corporate, SMEs, and retail clients. These services include account openings, transfers, checks, foreign currency transactions, and trade finance, as well as correspondent banking services.

BLF is undertaking a global expansion strategy through which it intends to expand and strengthen its presence abroad. “We hope to generate a substantial part of our Group's revenues from overseas operations in the next few years,” said Iskandar. Over the past years, the bank established a presence in France and Cyprus (through its acquisition of Banque SBA), Switzerland (LF Finance Suisse), and Syria (Bank Al-Sharq). It also launched representative offices in Abu Dhabi - UAE, and in Nigeria.

Iskandar said BLF intends to develop its operations in Syria once the situation there returns to normal. BLF also plans to strengthen its presence in Nigeria and Abu Dhabi.
Reported by Hanadi Chami
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Date Posted: Feb 04, 2013