Bank Audi, Byblos looking to expand in Iraq, Libya
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Bank Audi, Byblos looking to expand in Iraq, Libya

Bank Audi, Byblos looking to expand in Iraq, Libya

Lebanon's largest bank, Bank Audi, is planning to launch operations in Iraq next year, while rival Byblos Bank is to enter the Libyan market, as both contend with a flagging domestic economy, The Daily Star has reported. The chief executive of Bank Audi, Samir Hanna said the lender plans to open its new Iraqi operation late next year and that the new bank would be a subsidiary of its Turkish business, which launched in October and is trading "more than 50% ahead" of the bank's target. Byblos Bank is exploring a number of options for its Libyan foray that could include opening branches or buying a small private sector bank, said general manager Sami Haddad. The maximum investment would be $50m, which could be funded from existing resources, Haddad said.

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    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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