In a sign that the situation in the country is gradually normalising, banking giant Citigroup has established a dedicated Iraq desk, albeit one based in Amman, Jordan - outside the country itself.
“We believe that setting up an Iraq desk will enable us to better attune to the banking needs of key clients and to facilitate cross-border activities with multinationals, financial institutions and public sector entities,” says Mayank Malik, Citi’s chief executive for Jordan and Iraq.
The new desk will be led by 39-year industry veteran Dennis Flannery, an international banker who was previously financial attaché at the US Embassy in Baghdad, and has worked for the World Bank and Bank of America throughout his career.
“Iraq’s economic fundamentals are extremely healthy, and we see a major role for Citi to play in helping shape the country’s capital markets, while supporting the finance needs of our clients,” says Flannery.
The US multinational has been active in the Arab world for nearly 50 years. It currently offers full scale corporate banking services across ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait as well as Pakistan. Its consumer banking services cover UAE, Egypt, Bahrain and Pakistan, with high net worth clients in the region being served through Citi Private Bank.