Boston, MA 06/25/2013 (wallstreetpr) – The banking giant of United States, Citigroup Inc. (NYSE:C) had announced its plans to open a representative office of the company in Baghdad, Iraq after getting due approvals from the regulating bodies of Iraq. This would make the bank to be the first in the United States to have a physical presence in the state.
Citigroup Inc. (NYSE:C) had already obtained due approvals from the central bank of Iraq for the establishment of the Baghdad Office, while the company had been serving its Baghdad clients earlier through the office of the bank located in Amman, the capital of Jordan. The company also plans to expand its representative offices in the country through further openings at Erbil and Basra, which are planned for later stages.
The two major active businesses of Citigroup Inc. (NYSE:C) in Iraq include the cash management and trade finance especially to multi national companies, including the extension of services to major oil groups.
The share prices of Citigroup Inc. (NYSE:C) had declined by 3.05 percent to close at $45.44 per share for the end of last trading session on Monday. The company stock was trading from $45.06 per share to $46.03 per share during the day, after opening at $45.77 per share. The shares of Citigroup Inc. (NYSE:C) had recorded 52 week high price level at $53.56 per share and 52 week low price level at $24.91 per share.
Citigroup Inc. (NYSE:C) had witnessed huge trading volume at 50.81 million shares on Monday, while the average trading volume of the company is at 33.26 million shares per day.
