CITI BANK operations in Iraq !!

[TruthNTime]

Hello all, this is my first post although I have been reading the forums for a while now.

Thought some of you would like a little good news, although the link i will share is not a rumor, I am rumoring that

this is a sign that we truly are close now!!! as I have read so many say.... GO RV!!!

Citigroup Inc (C: 41.53, -0.89, -2.10%) hired former U.S. diplomat Dennis Flannery to run its Iraq operations as the lender tries to capitalise on the OPEC oil producer's efforts to rebuild its war-torn economy.

The third-largest U.S. bank, which needed $45 billion in U.S. government bailouts to survive the financial crisis, said in a statement on Monday Flannery was most recently financial attache at the U.S. Embassy in Baghdad.

He had previously worked at World Bank and Bank of America Corp (BAC: 11.93, -0.27, -2.21%), Citi said.

"Iraq's economic fundamentals are extremely healthy and we see a major role for Citi to play in helping shape the country's capital markets, while supporting the finance needs of our clients," Flannery said in the statement.

Iraq's economy, struggling to pull out of years of sectarian carnage that followed the 2003 U.S.-led invasion, is dominated by oil, which accounts for more than 95 percent of revenue.

Citi aims to focus on Iraqi financial institutions and public sector entities, as well as international corporates and institutions active in the country, it said.

http://www.foxbusiness.com/industries/2011/05/16/citi-appoints-diplomat-run-iraq-operations/

[easyrider]

thanks this does sound very positive but does it pertain directly to the RV?

[paydirt]

Thanks for the post.. Sounds Like GOOD NEWS to me

[DinarThug]

Thx 4 the post TNT !

[TruthNTime]

Not sure Easy, this was just the first time I have seen a major U.S. bank say their economy was healthy and that they are moving in for business.

I hope it is a precursor to the event.

Robert.

[YukonJohn]

Thanks for the post...encouraging!

[Markinsa]

"Iraq's economic fundamentals are extremely healthy and we see a major role for Citi to play in helping shape the country's capital markets, while supporting the finance needs of our clients," Flannery said in the statement.

http://www.foxbusine...raq-operations/

I like this part.

[Islandgirl7]

Great find... keep it up!!! Welcome !!!

[quadraph0nic]

Thank you TruthNTime for sharing.

[Vinman33]

NO company will do business in Iraq unless and until they believe they will be able to take profit out of the country. Good news.

[linny0830]

NO company will do business in Iraq unless and until they believe they will be able to take profit out of the country. Good news.

You are sooo right there

[idplzr]

I agree, great first post. Welcome to DV.

[TruthNTime]

Thanks for the warm welcome ladie's and gent's, I really feel that this is our year! Maybe this month or next... maybe not. Either way I know that we will benefit at some point.

Go RV!

Robert, TX

[Frank61]

Nice find, just more positive news !!!

[detroitjazzman]

I would be willing to bet citi will be one of the first banks to cash in our dinar!

[nointel]

has citi bank paid back the $45 billion bailout money yet? if not must be nice to get billions in bailout money and then set up shop somewhere else like nothing happened. i say pay back our tax money first and then maybe you can talk about expanding business elsewhere...

Edited May 16, 2011 by nointel

[Fearless Four]

As you may remember, back in 2008 Citigroup got a $45 billion government bailout in two installments. Well, the government just announced it will start selling off its 27 percent stake in Citigroup and guess what? It turned out to be a pretty good investment.

Of that $45 billion, $20 billion was paid back by Citigroup to the Treasury and $25 billion was converted to common stock. That stock is now worth around $33 billion, netting the government an expected $8 billion profit.

http://www.good.is/post/oh-nice-the-citibank-bailout-paid-off/

[Texhad]

This seems to indicate some believe that Iraq is finally beginning to walk on solid ground. Good news.

Go RV!

Blessings,

Texhad

[dng4462]

Great post - this is what I like to read!!

[SFlorida]

TNT.. The most informative post related to our investment..awesome post!

[menholt]

The good news about "good news" is that everything is starting to pont in the direction of Iraq having a tradeable currency...which to me means that its will have to be valuable and at .000865 its not..so looks like everything is moving to RV and were we need it to be..even though its not happening as fast as we would like it. to ..i think it will happen at some point....as far as a rate and date guy...i cant say that i am...i have no intel...just research and reading what everyone else provides to this site....go RV....

[TruthNTime]

That's how I see it Menholt, There is no way that CITI-Bank will spend a penny unless they'll make a dime... period. They are not going to Iraq to deal in $.00089 currency, I am going to search for CITI's timeline

to be in Iraq and doing business. CITI also has ATM's in Vietnam and a few big branches their, however Vietnam's biggest offering to American's is the sex trade.... and although popular does not compare to black gold

The man man they placed in charge of there Iraq division is no small fish (Dennis Flannery), and I think that his ties to the World Bank, Bank of America, and being an ex U.S. Diplomat and financial attache at the U.S. Embassy in Baghdad

makes him a very serious choice.. and an expensive one for sure! GO GO R.V.!

Robert,

Texas.

[Fearless Four]

Citigroup Inc. ©, the U.S. bank which earns about a $1 billion in revenue from the Middle East, hired a former U.S. diplomat to oversee its team in Iraq as the holder of the world’s fourth-biggest oil reserves rebuilds its economy.

“We are very optimistic about Iraq over the next three to five years,” Dennis Flannery, who will run the division, said in an interview from Amman, Jordan yesterday. The country will have “considerable wealth” from its oil exports and is poised to invest in the oil and gas industry, power generation and housing to boost growth, he said.

Flannery, 64, was the financial attache at the U.S. embassy in Baghdad for a year before joining Citigroup in March. He has worked at the Inter-American Development Bank, the U.S. Treasury and the World Bank, and will oversee Citigroup’s plan to provide services to banks, international and state-owned companies in Iraq, the bank said in a statement. He will be based in Amman.

Iraq, which holds the world’s biggest oil reserves after Saudi Arabia, Venezuela and Iran, said exports rose to 2.2 million barrels a day in February, the highest since the U.S.- led invasion in 2003. China, Egypt, Iraq and Nigeria are among 11 economies that have the most promising growth prospects in coming decades, according to a report in February by Citigroup economists led by London-based Willem Buiter.

“Over the last year, Iraq’s security situation has improved very steadily,” Flannery said. Over a longer period, the lender may have “branches, a consumer business, a middle- market business” as well as “full-service bank in the country,” he said.

Trade Finance

Citigroup already has some operations in Iraq, where it provides letters of credit for banks, private banking services as well as payment and cash-management services to international corporate clients, Flannery said.

The lender will seek to expand its trade finance and syndicated lending services to some of the Iraq’s 44 public and private banks, he said. Citigroup is also in talks with the government to advise on finance projects in the oil, gas and power industries, as well as housing developments, he said.

The country has awarded 15 contracts for oil and gas exploration licenses since the U.S.-led invasion in 2003 that ousted the government of former President Saddam Hussein. Iraq’s investment in oil facilities in Basra in the south will boost oil export capacity by 900,000 barrels per day by September 2011 and a further 1.8 million barrels a day by 2012, taking overall export capacity to 4.5 million barrels a day, Citigroup economist Farouk Soussa said in a report in April.

Jordan Base

Citigroup will operate from Jordan for the moment, although it has options to open a representative office in Iraq, Flannery said. The New York-based lender could apply for a branch license or buy a stake in an existing bank, he said.

HSBC Holdings Plc (HSBA), Europe’s largest bank, purchased a 75 percent stake in Baghdad-based Dar Elsalam Investment Bank in 2005. Standard Chartered Plc (STAN) and National Bank of Kuwait (NBK) SAK, the Persian Gulf country’s biggest bank, secured licenses to operate in Iraq in 2004, becoming the first group of overseas banks to enter the country since nationalization in 1964.

Citigroup has operated in the Middle East for almost 50 years and offers corporate banking services in 11 countries, including the United Arab Emirates, Egypt and Kuwait. It offers consumer banking services in the U.A.E., Egypt, Bahrain and Pakistan, and is one of four banks helping the Dubai government raise $800 million in financing backed by future toll-road receipts.

http://www.bloomberg.com/news/2011-05-16/citigroup-hires-former-u-s-diplomat-to-spearhead-bank-s-expansion-in-iraq.html

[takestime]

Quite interesting, indeed!!!

Link:

http://www.ameinfo.com/265245.html

or

My link

[familyguy]

nice post truthntime. There has to be stability in order for RV to occur. I take this as a sign.Thanks for the post and welcome to DV.

GO RV