Citigroup Inc., the U.S. lender scaling back in some emerging markets, said it's seeking to benefit from an estimated $1 trillion of infrastructure spending in Iraq as the country rebuilds roads and bridges after the war.
The third-largest U.S. lender by assets, Citigroup received approval this week to open a representative office in Baghdad and will consider more such offices and branches in the country, Mayank Malik, chief executive officer for Jordan, Iraq, Syria, and the Palestinian territories, said in a phone interview.
Iraq is the New York-based bank's first country opening for six years and comes as Chief Executive Officer Michael Corbat seeks to sell or scale back consumer operations in nations such as Turkey, Pakistan, and Uruguay, reversing an expansion strategy into faster-growing economies by former CEO Vikram Pandit.
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