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Citi to establish representative office in Iraq

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 U.S. Embassy in Baghdad by the U.S. Ambassador to Iraq, the Honorable Stephen Beecroft, in the presence of guests and dignitaries, including a Citi delegation led by James Cowles, Citi’s CEO 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.