BLOM, one of Lebanon’s main and largest banks, is considering new branches in Iraq and Gulf countries, The Daily Star reported in an interview with the chairman and general manager of BLOM Saad Azhari.

“I came back from Jordan, where we opened our 13th branch, and in two months we will open the 14th branch. In Egypt also, we are expanding our branch network,” Azhari declared, adding “We also have good growth activity in the Gulf, including in Dubai, Qatar and Saudi Arabia. We recently opened a branch in Baghdad and in few weeks in Irbil.”

Moreover, he said that the Bank was eager to expand in the Gulf area, mentioning that BLOM has branches in Dubai and Sharjah, and a representative office in Abu Dhabi.

Azhari noted that the Bank has an investment banking license in Saudi Arabia, but not a commercial license.

Meanwhile, he said that BLOM reported surging profit in Egypt and Jordan by 50% and 30%, respectively.

It is worth noting that BLOM registered a net profit of $269 million in the first nine months of 2014, an increase of 2.7%, compared to the same period of 2013.

Azhari, who attended the IMF and World Bank conference in Washington this month, said “U.S. officials even told us they wish some countries have the same level of compliance with regulations and rules as Lebanon.”