Financial Tribune - Parsian Bank, one of the leading private banks in Iran, is planning to open five more branches in Iraq, the CEO told members of the Iran-Iraq Joint Chamber of Commerce.

"We have permission to open seven branches in Iraq�So far two are operating and if there is no major hurdle we will soon open five more," Kourosh Parvizian was quoted as saying by the chamber�s official website.

Parsian recently increased the capital of the operating branches in the neighboring Arab state to $50 million, he added.

Parvizian, who also is head of Iran's Private Banks and Credit Institutions Association, said his bank would be willing to form consortiums with other banks to finance non-oil exports to Iraq.

"We are working closely with the Export Guarantee Fund of Iran," he said, while outlining his bank�s plans to underwrite higher risks for exporters.