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



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

Post by rocky on Mon 24 Jun 2013, 7:01 am

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

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

Range Press / Baghdad

 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."

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