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Thread: Citibank - American Bank first branch in Iraq opening

  1. #1
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    Dec 2004

    Citibank - American Bank first branch in Iraq opening

    The opening of the first branch of an American Bank in Iraq

    Author: HAA
    Editor: OK
    2013/06/24 11: 24

    Citigroup announced American banking Citigroup Monday, opening an Office in Baghdad, becoming the first US Bank expands services to include Iraq, the pro-peace momentum created in this step to long-term economic opportunities in the oil-rich country.

    And Citigroup Citigroup said in a statement carried by the British Financial Times newspaper and seen, (range), therefore, the Bank will open on Monday, the first formal Office in Baghdad after winning initial approval from the Central Bank of Iraq ".

    It quoted Executive Director of Citigroup in Europe, Middle East and Africa James Coles as saying that "Iraq is an important market with a great futuristic capabilities over time.

    The Bank said in a statement that "Dennis flannery, former financial attache to the u.s. Embassy in Baghdad who ran the Office of Citibank for Iraq's interests in Oman since its founding two years ago, the Office will be headed by Baghdad."

    The Bank said that "there are plans to open additional offices in Erbil and Basra to provide services to customers of the Bank within the banking activities", pointing out that "this is the first business to Citigroup in a new country for six years"

    In his statement, the Bank said "over the last decade the Bank used to fund big investors and companies working in Iraq by giving them funds and cash investment banking and management through regional branches in the Dubai Office in Oman and Iraq through its branch in London.

    The Bank stressed that "this step comes to establish a physical presence in the Iraqi market in conjunction with the aspiration of the top oil companies, industry and global investment in the reconstruction of Iraq."

    According to economic analysts, speculation in a US Bank Citigroup, "the expansion of the country's oil sector growth will turn Iraq into one of the largest oil exporters in the world over the next decade and economic powerhouse worth 2 trillion dollars by 2050".

    And Citigroup operates banks in the Middle East for almost 50 years and provides services in 11 countries including Egypt, Kuwait and the U.A.E., and also provides services for consumers in the U.A.E. and Egypt and Bahrain and Pakistan, and is one of four banks that help Government collect $800 million for the financing of powered road traffic fees in the future.

  2. #2
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    Mar 2005
    Great news!!!!

  3. #3
    Supporter and Investor!
    Join Date
    Apr 2008
    amazing news, wonder if they will merge with dar es salaam and warka ?

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