Citigroup gets approval from CBI; Will opens first Citibank branch Monday

[treeman0405]

  The opening of the first branch of an American bank in Iraq

Editor: OK 24/6/2013 11:24

Citigroup, Bank announced Citigroup Alamerreqi the banking services, on Monday, to open an office in Baghdad to become the first U.S. bank to expand its services to include Iraq, betting in this his move on the long-term economic opportunities in the oil-rich country.

The bank said Citigroup Citigroup said in a statement quoted by the British newspaper Financial Times and seen, (Presse term), he said that “the bank will open on Monday, his first formal office in the capital Baghdad after receiving the initial approvals from the Central Bank of Iraq.”

The newspaper quoted the Executive Director of Citigroup bank in Europe, the Middle East and Africa, James Collis as saying, “Iraq is an important market with an economy enjoys a great future capabilities over time.”

He said the bank in accordance with the statement that “Dennis Flannery former financial attaché of the U.S. Embassy in Baghdad, who ran the Office of the City Bank for the interests of Iraq in Amman since its inception two years ago, will be chaired by the Office of Baghdad.”

The bank continued that “there are plans to open two additional offices in Erbil and Basra to provide services to customers within the bank banking activities,” pointing out that “This step constitutes the first commercial activity to the U.S. bank Citigroup in a new country six years ago,”

He said the bank in a statement, “Over the past decade used the bank to fund investors and major companies operating in Iraq by giving them funding commercial banking services and cash and investment management through its branches regional in Dubai and the Office of Iraq in Amman and the ways of its branch in London.”

The bank said that “this step comes for the establishment of a physical presence in the Iraqi market in conjunction with the aspiration of major oil companies, industry and construction to invest in Iraq.”

According to analysts, economists guesses in a U.S. bank Citigroup, “the expansion of the growth of the oil sector in the country would turn Iraq into one of the largest oil exporter in the world over the next decade and economic power is estimated at $ 2 trillion by the year 2050.”

And operates banks Citigroup in the Middle East for almost 50 years and offers banking services in 11 countries, including the United Arab Emirates, Egypt, Kuwait, and also offers business services banker to consumers in the United Arab Emirates, Egypt, Bahrain and Pakistan, which is one of the banks of the four that will help the government of Dubai in the collection $ 800 million to finance powered by the collection of tolls on the roads in the future.

http://bit.ly/14sE9lp

Interesting Businesswire.com article from 2011

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.

Read more:

http://www.businesswire.com/news/home/20110921005243/en/Citi%E2%80%99s-Worldlink%C2%AE-Payment-Services-Stays-Curve-Exotic

[zigmeister]

Tomorrow, that was fast and very cool!  Thanks, good article.

[DinarThug]

I Wonder Why It Would Be Opening 'This' Particular Monday - Heh, Heh, Heh, (All Knowing Clown Laugh) !

Thx For The Post TreeMan !

[zigmeister]

The plot thickens.

[stealthwarrior]

_Fantastic

[arewethereyet777]

[outlawclg]

I hope they have extra large vaults to handle all those dinars..... cause it takes 1166 of them to make one dollar.

[SidneyJr]

Saudi Arabian Prince Alwaleed bin Talal al Saud, the biggest individual shareholder of the bank’s stock.

I do believe this is really a good thing; I also believe it will make it easier to transfer money in & out of Iraq.

[Sweet baby dinar]

Hmmm, thanks.

[hoosier1470]

I hope they have extra large vaults to handle all those dinars..... cause it takes 1166 of them to make one dollar.

Not for long!! I'd say...oh....about another 24 hours...maybe less!! God Bless!!

[katshamm]

Wow this newbie is stretching. Can someone show me in any article being quoted that it says Monday its opening? Looks like on Monday they announced.. This is how Bu...... gets feeding frenzy started. Use your own judgement this is a very misleading post.

[millionaire in training]

Im so excited I think Im gonna throw up.          I need to relax.      

[docneedles]

Katshamm,

It states in the article: The bank said Citigroup Citigroup said in a statement quoted by the British newspaper Financial Times and seen, (Presse term), he said that “the bank will open on Monday, his first formal office in the capital Baghdad after receiving the initial approvals from the Central Bank of Iraq.”

 

[Gunshow2425]

Wow this newbie is stretching. Can someone show me in any article being quoted that it says Monday its opening? Looks like on Monday they announced.. This is how Bu...... gets feeding frenzy started. Use your own judgement this is a very misleading post.

 

 

  The opening of the first branch of an American bank in Iraq

Editor: OK 24/6/2013 11:24

Citigroup, Bank announced Citigroup Alamerreqi the banking services, on Monday, to open an office in Baghdad to become the first U.S. bank to expand its services to include Iraq, betting in this his move on the long-term economic opportunities in the oil-rich country.

The bank said Citigroup Citigroup said in a statement quoted by the British newspaper Financial Times and seen, (Presse term), he said that “the bank will open on Monday, his first formal office in the capital Baghdad after receiving the initial approvals from the Central Bank of Iraq.”

The newspaper quoted the Executive Director of Citigroup bank in Europe, the Middle East and Africa, James Collis as saying, “Iraq is an important market with an economy enjoys a great future capabilities over time.”

He said the bank in accordance with the statement that “Dennis Flannery former financial attaché of the U.S. Embassy in Baghdad, who ran the Office of the City Bank for the interests of Iraq in Amman since its inception two years ago, will be chaired by the Office of Baghdad.”

The bank continued that “there are plans to open two additional offices in Erbil and Basra to provide services to customers within the bank banking activities,” pointing out that “This step constitutes the first commercial activity to the U.S. bank Citigroup in a new country six years ago,”

He said the bank in a statement, “Over the past decade used the bank to fund investors and major companies operating in Iraq by giving them funding commercial banking services and cash and investment management through its branches regional in Dubai and the Office of Iraq in Amman and the ways of its branch in London.”

The bank said that “this step comes for the establishment of a physical presence in the Iraqi market in conjunction with the aspiration of major oil companies, industry and construction to invest in Iraq.”

According to analysts, economists guesses in a U.S. bank Citigroup, “the expansion of the growth of the oil sector in the country would turn Iraq into one of the largest oil exporter in the world over the next decade and economic power is estimated at $ 2 trillion by the year 2050.”

And operates banks Citigroup in the Middle East for almost 50 years and offers banking services in 11 countries, including the United Arab Emirates, Egypt, Kuwait, and also offers business services banker to consumers in the United Arab Emirates, Egypt, Bahrain and Pakistan, which is one of the banks of the four that will help the government of Dubai in the collection $ 800 million to finance powered by the collection of tolls on the roads in the future.

http://bit.ly/14sE9lp

Interesting Businesswire.com article from 2011

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.

Read more:

http://www.businesswire.com/news/home/20110921005243/en/Citi%E2%80%99s-Worldlink%C2%AE-Payment-Services-Stays-Curve-Exotic

 

 

 Isn't that what you asked for?  You think he quotes the day when he talks?

Edited June 30, 2013 by Gunshow2425

[Atheist]

I keep wondering how they found a building to put their bank in so fast.

[dontlop]

Citigroup Opens in Iraq to Tap $1 Trillion of Oil Spending (3)

http://www.businessweek.com/news/2013-06-26/citigroup-targets-iraq-as-corbat-scales-back-in-emerging-markets

I keep wondering how they found a building to put their bank in so fast.

the bank is a lap top

[Gunshow2425]

I keep wondering how they found a building to put their bank in so fast.

 

I hear ya on that...

[dontlop]

my bank is in my living room

[goldengoose]

Good afternoon! 

 

Excellent news concerning this venture and as I have commented in many postings since 2011, "Follow the Money Trail".  Where there is money to be made, U.S. banks will follow, that is why Wells Fargo purchased the foreign exchange section/ wholesale currency provider from of The Bank of Ireland Group May 9, 2011.

 

GG

[docneedles]

maybe, the bank is in a room at the airport, quick getaway

[yota691]

and another Posted Yesterday, 04:47 AM

 MP Faizullah: Opening of the American Bank of Iraq will support the banking sector and يطوره

29-06-2013 06:28 AM

 

 

Baghdad (news) .. Deputy Prime Alljajna financial MP / coalition of Kurdish blocs / Ahmed Hassan Faizullah, to open a branch of the Bank of American in Iraq will support the banking sector and يطوره through gaining experiences and developments owned by that bank. said Faizullah (of the Agency news): The Bank's initiative U.S. to open a branch in Iraq سينفع the Iraqi economy and the banking sector that the U.S. banks is one of the international banks Kettorh and relevant international experience, so they will be able to contribute to the development of the country's economy. added: should the Iraqi banking sector two branches of government and private sector benefit from the expertise possessed by the U.S. bank, banks the world in the development of their abilities and their work, especially since the Iraqi banks expertise is limited and still operates according to traditional systems of old.This has opened the first branch of the Bank of dollars in Iraq named Bank 'City Krupp' after receiving initial approvals by the Iraqi side to contribute to the development of the Iraqi economy. / End 8 /.. / 

Read more: http://dinarvets.com

Edited June 30, 2013 by yota691

[dontlop]

At a cafe inside Baghdad's heavily fortified Green Zone, Citi's Malik and Flannery described the new office as the start of a broader relationship with Iraq that could lead to bank branches down the road. The office itself will start out small and will be located outside the confines of the Green Zone, a sprawling complex of government buildings and embassies sealed off from the rest of the city by blast walls and heavily armed soldiers backed by tanks.

Read more: http://www.foxnews.com/world/2013/06/24/citi-plans-first-office-in-baghdad-joining-britain-standard-chartered-in-iraq/#ixzz2XjWCAvD7

[staunch]

so much for the drive-through teller

[dontlop]

look for the official announcement monday

20 minutes its july 1st in bagdad

[katshamm]

What a crock of crap...sorry it is they announce a few days ago they are going to open and now wow 2 days later they have a building people trained and wah lah its done. cmon Iraq takes for ever to do anything let a lone act fast....