Indiana, PA - Indiana County

Citi plans office in Baghdad

on June 24, 2013 10:10 AM

BAGHDAD (AP) — Citigroup Inc. is set to become the first American bank to open an office of its own in Baghdad, highlighting financial firms’ growing interest in Iraq a decade after the U.S.-led 2003 invasion.

Executives say the representative office Citi has received preliminary approval for will help support its corporate customers in Iraq and act as a liaison for companies looking to do business there.

Iraq has struggled to attract interest from Western companies outside of the oil sector in the 10 years since U.S.-led forces toppled dictator Saddam Hussein. Security and political instability remain major concerns, and corruption within the top-heavy statist economy is deeply entrenched.

Even so, foreign banks see opportunities as Iraq's economy opens up on the back of an oil boom.

Next Article
Syria foreign minister: Arming rebels is dangerous
June 24, 2013 10:00 AM
Related Articles
Comments
Disclaimer: Copyright © 2014 Indiana Gazette. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.