Citigroup Inc. (C), the U.S. bank which earns about a $1 billion in revenue from the Middle East, hired a former U.S. diplomat to oversee its team in Iraq as the holder of the world’s fourth-biggest oil reserves rebuilds its economy.
“We are very optimistic about Iraq over the next three to five years,” Dennis Flannery, who will run the division, said in an interview from Amman, Jordan yesterday. The country will have “considerable wealth” from its oil exports and is poised to invest in the oil and gas industry, power generation and housing to boost growth, he said.
Flannery, 64, was the financial attache at the U.S. embassy in Baghdad for a year before joining Citigroup in March. He has worked at the Inter-American Development Bank, the U.S. Treasury and the World Bank, and will oversee Citigroup’s plan to provide services to banks, international and state-owned companies in Iraq, the bank said in a statement. He will be based in Amman.
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