Monday, June 24, 2013

Citi Is Positioning Itself At The Center Of What Could Be A $2 Trillion Economy

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.

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