Citigroup has received an approval from the Central Bank of Iraq to establish a representative office in Baghdad, Iraq.

Citi stated that the new office will service its clients in the country and it will be supported by Citi’s offices in Amman, Jordan as well as Dubai, UAE. The new representative office will be led by Dennis Flannery, who has been managing the bank’s Iraq Desk based in Amman, Jordan for the past two years.

Flannery has 40 years of global banking experience and served as the US Treasury Department’s Financial Attache at the US Embassy in Baghdad immediately prior to joining Citi.

James Cowles, Citi’s CEO for Europe, 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.

"It will also help us to provide liaison functions for Citi’s clients globally and contribute to the development of Iraq’s banking and capital markets."

The bank is also mulling to open two more representative offices in Erbil and Basra at a later stage, subject to approval by the Central Bank of Iraq.

Citi is one of the first global banks to have an office in Iraq since an invasion in 2003.