Bank of Baghdad, a subsidiary of Burgan Bank, has opened a new branch in Beirut, Lebanon.
Last year Burgan Bank acquired a total stake of 51.79% of Bank of Baghdad making it a majority stakeholder of the subsidiary.
With a strong Middle East and North Africa (MENA) banking platform, Burgan Bank has a network of over 130 branches and over 215 ATMs.
Burgan Bank chairman Majed Essa Al Ajeel said that the opening of the branch will cater to the growing needs of customers based in Lebanon. This branch will offer customers both retail and corporate banking services.
"The regional expansion strategy is focused through organic and inorganic growth in countries with strong economic and demographic factors. We have expanded our presence from Kuwait to seven other countries over the last two years," Al Ajeel said.
Bank of Baghdad executive vice chairman Younes Brouche said that the opening of a Bank of Baghdad branch in Beirut will play an integral role in the economic development of Iraq and Lebanon. The bank will help Lebanese and international investors seeking to invest in Iraq, and provide support to Iraqi businessmen inside and outside Iraq.