Eversheds advises on Citibank move into Iraq
Eversheds has taken a central role for Citibank on its move to become the first US bank to expand into Iraq. Citibank opened a base in Baghdad at the end of June after being granted approval by the Central Bank of Iraq, and now plans to open further offices in Erbil and Basra. An Eversheds team led by Iraq managing partner Tawfiq Tabbaa advised Citibank on all aspects of project, while the Central Bank of Iraq used in-house counsel.
July 25, 2013 at 07:03 PM
2 minute read
Eversheds has taken a central role for Citibank on its move to become the first US bank to expand into Iraq.
Citibank opened a base in Baghdad at the end of June after being granted approval by the Central Bank of Iraq, and now plans to open further offices in Erbil and Basra.
An Eversheds team led by Iraq managing partner Tawfiq Tabbaa advised Citibank on all aspects of project, while the Central Bank of Iraq used in-house counsel.
Citibank, the consumer banking arm of Citigroup, is predicting an upturn in the fortunes of the war-torn but oil-rich country, with the bank's economists estimating that the export of Iraqi oil will drive a $2trn (£1.3trn) economy by 2050.
Tabbaa said: "The Iraq Government has been encouraging international banks to enter the market and there are many opportunities on offer. Although Citibank isn't going into Iraq with a fully fledged licence, this is very much a long-term plan and they are entering cautiously."
Eversheds gained an office in Iraq following its merger with Middle East law consortium KSLG in May 2011, a move that also handed it offices in Jordan, Saudi Arabia and Dubai, and which came on the back of a six-year relationship.
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