Citigroup (C), the third largest U.S. lender, has just received approval to open a bank in Iraq; a new location would make it the first U.S. bank to open in the country.
Banks are moving into the Iraq area to take advantage of Iraq’s growing economy amid its oil boom.
“Iraq is an important market, with an economy that has substantial potential over time,” Jame Cowles — chief executive officer for Europe, the Middle East and Africa — told Bloomberg. “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.”
Citigroup isn’t the only bank that is eying Iraq. Britain’s Standard Chartered is currently working on plans to move into the country.