JPMorgan Deepens Iraq Business After Citi, Standard Chartered

Bloomberg
Sun, Jul 7, 2013

by Khalid Al-Ansary and Nayla Razzouk

JPMorgan Chase & Co. is the latest international bank after Citigroup Inc. and Standard Chartered Plc to expand business in Iraq. JPMorgan has signed a one-year agreement to help the Trade Bank of Iraq finance imports of goods and services.

John Gibbons, managing director and EMEA regional executive for the New York-based bank, said: “Our focus is to open more letters of credit through the Trade Bank of Iraq on behalf of the government and its ministries.”

This comes at a time that Iraqi officials are in talks with international banks about the opening of offices and branches in the country. Abdul-Basit Turki, acting governor of Iraq’s central bank, said, “It is a rich market and the investment opportunities are huge."

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