Citigroup Opens in Iraq to Tap $1 Trillion of Oil Spending
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Citigroup Inc., the U.S. lender scaling back in some emerging markets, said it’s seeking to benefit from an estimated $1 trillion of infrastructure spending in Iraq as the country rebuilds roads and bridges after the war.
The third-largest U.S. lender by assets this week received approval to open a representative office in Baghdad and will also consider more such offices and branches in the country, Mayank Malik, chief executive officer for Jordan, Iraq, Syria and the Palestinian territories, said in a phone interview.