Citigroup Inc (NYSE:C) hired former U.S. 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.
The third-largest U.S. bank, which needed $45 billion in U.S. government bailouts to survive the financial crisis, said in a statement on Monday Flannery was most recently financial attache at the U.S. Embassy in Baghdad.
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He had previously worked at World Bank and Bank of America Corp (NYSE:BAC), 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 U.S.-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.