Talk about an emerging market. Citigroup will open an office in
Baghdad, becoming the first U.S. bank to
expand into Iraq
and dive into the country's oil-rich — but politically uncertain — future, the
Financial Times reports.
From the FT: In the past decade, the bank has been catering to investors and large companies operating in Iraq, offering products such as trade finance, cash management and investment banking services through its regional hub in Dubai, its Iraq-desk in Amman and via London.
Citi’s move to establish a physical foothold in the market comes as major international oil groups as well as industrial and construction companies are looking to invest in
Iraq. Citigroup estimates that Iraq will turn into a $2 trillion
economy by 2050, according to the report.