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Monday, May 16, 2011

iraqi finance news today - Citi establishes Iraq Desk led by Dennis Flannery

iraqi finance news today - Citi establishes Iraq Desk led by Dennis Flannery : Citi announced the establishment of a dedicated Iraq Desk covering the Iraqi market and based in Amman, Jordan. This move is designed to better serve Iraqi clients, with a focus on local Iraqi Financial Institutions and Public Sector entities, as well as Multinational Corporations and institutions active in the country.

The Iraq Desk will be led by Dennis Flannery, a seasoned international banker who has held senior positions in both the public and private sectors for the past 39 years.

Up until his recent appointment, Dennis was the Financial Attaché at the US Embassy in Baghdad. Throughout his career, Dennis built a broad network of contacts among senior government officials and banking executives around the world, having worked at various global entities such as the World Bank and Bank of America.

"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," said Dennis.

"I am delighted to join Citi on this mission and to work closely with a great team of professionals across the Middle East and abroad."

Mayank Malik, Citi's CEO for Jordan and Iraq, said: "Dennis is an important addition to Citi's senior team in the region given his expertise and wide network of connections. We believe that setting up an Iraq Desk will enable us to better attune to the banking needs of key clients and to facilitate cross-border activities with Multinationals, Financial Institutions and Public Sector entities."

Citi has been in the Arab World for nearly 50 years and views the region as critical to its global franchise. It currently offers full scale corporate banking services across ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait as well as Pakistan. Its consumer banking services cover UAE, Egypt, Bahrain and Pakistan, while it maintains close relationships with high networth clients in the region through the Citi Private Bank.

Atiq ur Rehman, Chief Executive Officer for the Middle East Division, said: "We are extremely pleased to have Dennis join us, and we look forward to growing our Iraq business under his leadership."

Citi's capabilities include Investment Banking, Capital Markets Origination, Equity Sales & Distribution businesses, Global Transactions Services, Equity Research, and Global Islamic Banking serving the MENA region.

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