Citigroup Venturing Into Iraq Gets Approval for Baghdad Office

[InItSince05]

Citigroup Venturing Into Iraq Gets Approval for Baghdad Office

By Stefania Bianchi - Jun 24, 2013 5:54 AM ET

• Facebook Share
• Tweet
• LinkedIn
• Google +1
• 0 Comments
•  
• Print
• QUEUE
  Q

Citigroup Inc. © got Iraqi approval to open an office in Baghdad, as it seeks to become the first U.S. bank to enter a country where fewer than one in five people have an account.

Iraq’s central bank gave preliminary consent to set up the representative office, Citigroup, the third-largest U.S. lender, said in an e-mailed statement today. Former diplomat Dennis Flannery, who has run the bank’s Iraqi desk from Amman, Jordan, for two years, will manage the operation. Branches are also planned for Erbil and Basra, it said.

“Iraq is an important market, with an economy that has substantial potential over time,” said Jame Cowles, chief executive officer for Europe, the Middle East and Africa. “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.”

Banks in Iraq are set for growth in earnings and assets as a surge in lending in OPEC’s second-biggest producer outpaces the region. Iraq’s rising oil exports and a drop in the prime lending rate to 6 percent from 17 percent in 2008 are feeding the expansion. Standard Chartered Plc has said it will open branches this year in Baghdad and the city of Erbil, followed by a third office next year in the oil hub of Basra.

 

 

 

Ban Lifted

Foreign banks were barred from the country until after the U.S.-led invasion that ousted the regime of Saddam Hussein. Today, 15 international banks operate there, competing with seven state banks, 23 private lenders and nine banks operating under Islamic rules, according to the central bank’s website.

Total credit in the country amounts to 9 percent of gross domestic product compared with an average of 55 percent in the Middle East and North Africa, according to Singapore-based Sansar Capital Management LLC, which runs a fund with $30 million invested in Iraqi equities.

Iraq holds the world’s fifth-largest proven oil deposits and is budgeting $118 billion in spending this year, up 18 percent from 2012. The International Monetary Fund forecasts that the economy will grow 9 percent this year, the fastest pace after Libya among 18 countries in the region.

Flannery was the financial attache at the U.S. embassy in Baghdad for a year before joining New York-based Citigroup in March 2011. He has worked at the Inter-American Development Bank, the U.S. Treasury and the World Bank.

 

[supergirl]

*love* button

[sandfly]

THANKS

[dontlop]

after i read this article a couple months back .. i emailed citi  and explained of our situation .. with a plea to give us an outlet in america  to unload  our dinars since they were already involved in iraq .. now a branch in bagdad ,,  this is good for us who hold dinars ..

 

Citi’s WorldLink® Payment Services Stays Ahead of the Curve for Exotic Currency Payment Capabilities


IRAQI DINAR
WorldLink® Payment Services has been making IQD payments on behalf of selected clients since 2006 adding to the exotic currencies suite. With the success established over five years, WorldLink has differentiated itself by having local expertise and strong banking relationships in Iraq. WorldLink is now offering IQD payments as a fully developed and proven offering to all relevant WorldLink clients.

While the U.S. dollar remains a widely accepted currency in Iraq, Citi’s cross-border payments specialists anticipate that IQD payments will gain an increasing foothold in support of foreign direct investments.

Read more: http://dinarvets.com/forums/index.php?/topic/145769-citi-foriegn-curency-accounts/#ixzz2X8OtJsNX

been waiting  for  an american bank to open in bagdad ..

http://www.citigroup.com/transactionservices/home/worldlink/delivery.jsp

 this is who i emailed  at citi ..

everyone needs to email them to make sure they cash us out when its time ..

 

WorldLink^® Payment Services Delivery Platforms

For over 25 years, the WorldLink solution has been successfully enabling our clients to issue payments in more than 135 currencies, right from their offices via a single window — without having to maintain local currency accounts. WorldLink® Payment Services is a complete global transaction solution that makes cross-border payments simple and secure.

[dontlop]

ya got to like this guy being there .. look where hes been >>> flanery that is ...>>> Flannery was the financial attache at the U.S. embassy in Baghdad for a year before joining New York-based Citigroup in March 2011. He has worked at the Inter-American Development Bank, the U.S. Treasury and the World Bank.

Read more: http://dinarvets.com/forums/index.php?/topic/152088-citigroup-venturing-into-iraq-gets-approval-for-baghdad-office/#ixzz2X8WpKcQY

[mrref]

WOW.... THANKS...

[dontlop]

i heard lots of dinars came  here through jordan .. as well as  uae .. i couldnt figure  why jordan .. but look >> Former diplomat Dennis Flannery, who has run the bank’s Iraqi desk from Amman, Jordan, for two years, will manage the operation.

Read more: http://dinarvets.com/forums/index.php?/topic/152088-citigroup-venturing-into-iraq-gets-approval-for-baghdad-office/#ixzz2X8Xci4o3

this is my biggest problem ive had with the dinar investment ... i couldnt just walk in the door of the place where i bought them and exchange them back in .. they want me to mail them in ..

 

sorry i was taught long ago not to mail cash to anyone .. you always mail a check ..

 

but all you can get is a po box to mail in your dinars

 

this is how lots of scams are run in america .. through post office boxes  so ya cant find  them .... like guarenteed hair grower .. or  fake suppliments that dont work .. always through p.o. boxes

the only good thing about that was .. if i could of went into a bank long ago   i may of sold them off ..

 

but i wont mail them ..

[dontlop]

[Sweet baby dinar]

Nice

[lakedreamer]

Does this mean it might be easier in the near future to get into the ISX, instead of having to go through Warka Bank?  I did not do any of that because it sounded much too complicated.  I'm sure Citibank would end up having an investment division.

[Nadita]

Thanks for the article.. it's getting better.. I think by the time, Iraq is one of the players again internationally, we can buy their stocks through our broker in the US.

[aliciadogz]

Good for them and Good start.

[lakedreamer]

That would be great.  At this point I'd rather buy on the Iraqi stock market than the American stock market.  We never did well there and I have heard so much now about the corruption and insider trading going on with stocks in our country that I think "the little guy" will never do well.

[dontlop]

i just want the currency  used internationally .. if they can use dinars to buy online internationally  we should be able to use our dinars online also .... id like to exchange them for dollars since i live in usa .. but lets get this currency internationally acceptable ..the rate is another  topic .. i would like a higher exchange rate of course  and most likely wouldnt cash in my dinars till they peg a new exchange rate to it or they put a deadline on the exchange in the case of lower denominatoins being released with higher value ..

[dontlop]

think about it ,, if i could use my dinars online .. i could buy silver  or gold ..or diamonds .. anything

[Luigi1]

from another business news source...

Treat this as a rumor...could CBI be preparing for the RV with many foreign banks opening shop in Baghdad lately. Your views.

06-24-2013-Baghdad-Citygroup gets approval from CBI; will open first Citybank branch Monday.



Read more. See Arabic link then drag to Google Translate.

http://bit.ly/14sE9lp

Edited June 24, 2013 by Markinsa
Merged Topics

[Nadita]

If Citibank is opening a branch on Monday in Baghdad.. that means the work has been done long time ago. The question is do they need to rv? because if it is being recognized internationally again, it doesn't say they should rv.. it will be to their advantage to rv but they can keep the rate as it is as most of trades are done in US Dollars.. just a thought 

[Luigi1]

If Citibank is opening a branch on Monday in Baghdad.. that means the work has been done long time ago. The question is do they need to rv? because if it is being recognized internationally again, it doesn't say they should rv.. it will be to their advantage to rv but they can keep the rate as it is as most of trades are done in US Dollars.. just a thought

I agree. Citybank wants a piece of the action when the RC comes down. Other banks will jump on the bandwagon and not get left behind. This may help us out when the group rates are released. We will have more choices to take our business to and probably another bargaining chip in our favor.

[Nadita]

Luigi,

 

What is RC..? you mean the soda we drank long time ago..?

[Luigi1]

Luigi,

 

What is RC..? you mean the soda we drank long time ago..?

When you are posting with a thumbdrive and 2 inch screen, no spell check, its hard to proof read. Thats my story and Im sticking to it.

[jomans]

Expect to see BofA and Chase follow suit here.....

[Nadita]

When you are posting with a thumbdrive and 2 inch screen, no spell check, its hard to proof read. Thats my story and Im sticking to it.

I understand  I know you mean RV and I hate typing on those little screen and speaking of the words.. lol  sometimes what you type and what comes out, don't match lol creates a lot of confucione 

 

By the way, Luigi.. I don't talk much to you but just know I appreciate what you do for all of us here, whether it's rumor (it gets juicier as time goes), news, or anything.  You put a lot of hours and digging through the sand box (by the way, hope you are not scooping catmax dropping too) and cutting and pasting (I bet you are getting better with those thumb drive) and bringing it here and knowing you could be bash to the pulp but still doing too.. hats off to you.

 

Hope we can ride this last ride together and have our last scream and laugh and be happy ever after

 

Let's see what the boys are gonna do this week

Edited June 24, 2013 by Nadita

[fishing]

One step closer!

[Nadita]

Expect to see BofA and Chase follow suit here.....

And let's not forget the wagon of the wild wild west

[dontlop]

i would never trade my currency internationally and rv it while i was under chapter 7 ..

 

it is a fact  that while under ch7 any assets of yours in any international bank can be frozen

 

 

thers no guarentee the us would extend 13033 every may ..

 

 

now that iraq is getting out of chapter 7 the odds of getting internationally tradable currency with a new rate are way better than while under ch7 ..