Citi to Establish Representative Office in Iraq
BAGHDAD -- June 24, 2013
Citi has been granted preliminary approval by the Central Bank of Iraq to
establish a representative office in Baghdad.
The approval will be announced formally tonight during a ceremony hosted at
the US Embassy in Baghdad by the United States Ambassador to Iraq, the
Honorable Stephen Beecroft, in the presence of guests and dignitaries,
including a Citi delegation led by Mr. James Cowles, Citi’s Chief Executive
Officer for Europe, Middle East & Africa.
The office in Baghdad will support Citi’s clients in the country and the bank
will also look to open two more representative offices in Erbil and Basra at a
later stage, subject to approval by the Central Bank of Iraq.
Citi’s representative office will be led by Dennis Flannery, who has been
managing the bank’s Iraq Desk based in Amman, Jordan for the past two years.
Flannery has 40 years of global banking experience and served as the US
Treasury Department's Financial Attaché at the US Embassy in Baghdad
immediately prior to joining Citi.
“Iraq is an important market, with an economy that has substantial potential
over time. Having a presence in Iraq will position us to better attune our
services to the banking needs of our clients as they grow and develop their
businesses in the country,” said Cowles. “It will also help us to provide
liaison functions for Citi’s clients globally and contribute to the
development of Iraq’s banking and capital markets.”
The representative office will be supported by Citi’s offices in Amman, Jordan
as well as Dubai, UAE.
Citi has been in the Middle East for over 50 years and offers full scale
institutional banking services in UAE, Bahrain, Qatar, Kuwait, Egypt, Lebanon
and Jordan. Citi's institutional capabilities in the Middle East include
Transaction Services, Investment Banking, Capital Markets Origination, Fixed
Income Currencies & Commodities and Islamic Banking.
Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Karim Seifeddine, +971 (4) 509-9707
Jeff French, +44 (0) 207 500 8304
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