The U.S. Embassy in Baghdad hosted a reception to celebrate the opening of Citi’s representative office in Baghdad. Citi [Citigroup] is the biggest financial services corporation in the United States.
U.S. Ambassador to Iraq Stephen Beecroft stated during the ceremony:
“U.S. companies, such as Citi, are demonstrating tremendous commitment to Iraq. Our companies bring capital and expertise, world-leading technology, and innovative management and financing practices.
They also bring the highest international standards of corporate governance, work-force training, corporate social responsibility and connectivity to the global economy. In deciding to open an office here Citibank has recognized the promise that Iraq’s future holds.
Working together, Citi and Iraq can attract even more investment and business from U.S. and international firms.”
Mr. James Cowles (pictured), Citi’s Chief Executive Officer for Europe, the Middle East & Africa, said;
"Iraq is an important market, with an economy that has substantial potential over time. Having a presence in Iraq will position us to better attune our services to the banking needs of our clients as they grow and develop their businesses in the country.”
The U.S. Embassy in Baghdad worked closely with the Central Bank of Iraq and Citi in the months leading up to the announcement.Citi’s operations in Iraq will strengthen U.S. and Iraqi economic ties by fostering trade and infrastructure development, and by bolstering economic and financial institutions.
(Source: Embassy of the United States)