Standard Chartered is counting on the assistance of the British government to help it to open branches in Iraq by the end of the year.

Known is one of the biggest Banks in Britain; Standard Chartered is planning for an on-the-ground presence as part of a strategic push into the country.

"We are planning to open three branches in Iraq, Baghdad, Erbil during the fourth quarter of 2013 and then Basra during 2014, subject to regulatory approvals," a spokesman for Standard Chartered said.

"The bank has already submitted its branch license application to the regulators in Iraq. Our main aim is to meet the increasing banking needs of our global network clients in Iraq, notably in the power, oil, telecoms and infrastructure sectors."

Standard Chartered has operated a representative office in Erbil since 2006 but is looking to expand its presence and hire "significant numbers" of Iraqis. "We're trying to get locals in from day one," said one person familiar with the bank's plans.

US banks including Citibank and JPMorgan Chase both recently announced investments in the country as oil production recovers and investment banking deals return.