HSBC Expects Iraq Profits to Soar

HSBC has said that it is “remarkably bullish on Iraq” and expects bank profitability in the country to increase by 100 times within 10 to 20 years, Bloomberg has reported.

“There is more lending activity as the economy gets stronger,” James Hogan, country manager of HSBC Holdings said. HSBC entered the Iraq’s post-war banking sector with its 2005 purchase of a 70% stake in the Dar Es Salaam Investment Bank. HSBC may soon put its own brand on the business, Hogan said

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