The US Bank Citigroup Inc which own Citibank has received approval on 26th June 2013 to open an office in Baghdad, Iraq. The American bank is also considering to open branches across the country.
Mayank Malik, the regional Chief Executive is reported recently to say “Iraq is a giant that’s waking up and the opportunities are immense. The most significant opportunities are twofold — oil revenue generation and infrastructure creation. We estimate this to be $1 trillion initiative over time.”