Lebanon's Fransabank is building on more than a decade of L/C provision to Iraqi businesses by opening a branch in the oil rich state.

Fransabank joins a growing number of Lebanese banks to open a branch in Erbil, the capital of Iraq's semi-autonomous Kurdistan region.

L/C record

Fransabank has been extending L/Cs to Iraqi businesses since 2003 and providing services for other banks in Iraq since before 2000.

The bank says its new Erbil branch will initially offer commercial services and is considering providing retail banking services later this year.

Lebanese banks

There are more banks in Iraqi Kurdistan from Lebanon than from any other foreign country.

Byblos Bank Credit Libanais became the first Lebanese bank to open there in 2007, followed by BBAC, BankMed, Bank Credit Libanais and IBL Bank.

New entrants

Lebanon's largest bank, Bank Audi and also BLOM Bank are expected to open branches in the region soon.

Standard Chartered is currently the only Western bank with a branch in Erbil.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.