Citigroup gets approval from CBI; Will opens first Citibank branch Monday

Posted by on Oct 26, 2013 | Leave a Comment

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

Editor: OK 24/6/2013 11:24

Citigroup, Bank announced Citigroup Alamerreqi the banking services, on Monday, to open an office in Baghdad to become the first U.S. bank to expand its services to include Iraq, betting in this his move on the long-term economic opportunities in the oil-rich country.

The bank said Citigroup Citigroup said in a statement quoted by the British newspaper Financial Times and seen, (Presse term), he said that “the bank will open on Monday, his first formal office in the capital Baghdad after receiving the initial approvals from the Central Bank of Iraq.”

The newspaper quoted the Executive Director of Citigroup bank in Europe, the Middle East and Africa, James Collis as saying, “Iraq is an important market with an economy enjoys a great future capabilities over time.”

He said the bank in accordance with the statement that “Dennis Flannery former financial attaché of the U.S. Embassy in Baghdad, who ran the Office of the City Bank for the interests of Iraq in Amman since its inception two years ago, will be chaired by the Office of Baghdad.”

The bank continued that “there are plans to open two additional offices in Erbil and Basra to provide services to customers within the bank banking activities,” pointing out that “This step constitutes the first commercial activity to the U.S. bank Citigroup in a new country six years ago,”

He said the bank in a statement, “Over the past decade used the bank to fund investors and major companies operating in Iraq by giving them funding commercial banking services and cash and investment management through its branches regional in Dubai and the Office of Iraq in Amman and the ways of its branch in London.”

The bank said that “this step comes for the establishment of a physical presence in the Iraqi market in conjunction with the aspiration of major oil companies, industry and construction to invest in Iraq.”

According to analysts, economists guesses in a U.S. bank Citigroup, “the expansion of the growth of the oil sector in the country would turn Iraq into one of the largest oil exporter in the world over the next decade and economic power is estimated at $ 2 trillion by the year 2050.”

And operates banks Citigroup in the Middle East for almost 50 years and offers banking services in 11 countries, including the United Arab Emirates, Egypt, Kuwait, and also offers business services banker to consumers in the United Arab Emirates, Egypt, Bahrain and Pakistan, which is one of the banks of the four that will help the government of Dubai in the collection $ 800 million to finance powered by the collection of tolls on the roads in the future.

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