Citi names former US diplomat to run Iraq operations

Citi names former US diplomat to run Iraq operations

Third largest US bank focuses on Iraqi financial institutions and public sector.

May 17, 2011 10:05 by Reuters

Citigroup Inc hired former US 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.

As the third-largest US bank, Citigroup needed $45 billion in US government bailouts to survive the financial crisis. Flannery was most recently financial attache at the US Embassy in Baghdad.

He had previously worked at World Bank and Bank of America Corp, 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 US-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. (Reporting by Dinesh Nair; Editing by David Holmes)