2008 Press Releases
American Embassy Welcomes Citi Correspondent Relationship Services for Warka Bank for Investment and Finance
December 15, 2008
The U.S. Embassy in Baghdad welcomed the new partnership established between Citibank and Al Warka Bank of Iraq. For the first time, clients of both establishments will now be able to execute cash payments, wire transfers, and trade transactions to both corporate and retail entities in all Iraqi cities and provinces. The alliance is seen as an important step in support of Iraq’s banking sector and the country’s overall economic development.
American Ambassador Ryan Crocker extended congratulations to the American and Iraqi institutions on the historic agreement. “This banking alliance is a milestone in Iraq’s efforts to reintegrate itself into today’s global business environment,” he said, adding, “The new partnership will help put into place the conditions necessary to attract more international business to Iraq.”
The alliance between Citi and Al Warka Bank is another step in Citi’s participation in the development of Iraq’s financial network. Citi has been involved in Iraq since 2003 and has worked closely with the government and key financial institutions to promote Iraqi business and trade.
Paul Galant, CEO of Citi’s Global Transaction Services business, commented, “We are committed to supporting the needs of public-sector institutions, globally and in Iraq, and we look forward to a productive and mutually beneficial relationship in this effort with our partner Al Warka Bank.”
Saad Al Bunnia, CEO, Warka Bank for Investment and Finance said: “As an institution that has served Iraq since 1999, we have played a significant role in the reconstruction of the country by participating as a lead financier in many core sectors including power, water, communication and construction. We look forward to unleashing the full force of the partnership with Citi for the benefit of the new Iraq.”
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