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Citigroup Moving into Iraq

Bank hopes to tap into the nation's $1 trillion in post-war infrastructure spending.

By Stefania Bianchi, Bloomberg | Updated on June 27, 2013

Citigroup Inc., the U.S. lender scaling back in some emerging markets, said it’s seeking to benefit from an estimated $1 trillion of infrastructure spending in Iraq as the country rebuilds roads and bridges after the war.

The third-largest U.S. lender by assets, Citigroup received approval this week to open a representative office in Baghdad and will consider more such offices and branches in the country, Mayank Malik, chief executive officer for Jordan, Iraq, Syria, and the Palestinian territories, said in a phone interview.

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