HSBC Holdings is currently undertaking its strategic review of operations in Iraq. At the same time, it is continuing to expand its investments in Egypt despite the current situation in the country.

The moves were confirmed by the bank's regional chief executive. Simon Cooper, chief executive for the Middle East and North Africa, told reporters during a Dubai media event, "In terms of Iraq, it's a market that we will continue to review."

Cooper did not elaborate nor explain when sought for clarifications.

Currently, HSBC's presence in Iraq is through 70% shareholdings in Dar Es Salaam Investment bank. The bank has been the subject to much speculation as to the continued presence of the lender. This was gleaned from the bookrunner sales of the Asiacell IPO worth US$1.35 billion, where the name of the HSBC was conspicuously absent.

The review may also be part of the current HSBC CEO Stuart Gulliver's restructuring plan where the goal is to reduce costs and improve overall profitability.