Citigroup (C) will become the first U.S. bank to enter Iraq after receiving Iraqi government...

|About: Citigroup Inc. (C)|By:, SA News Editor

Citigroup (C) will become the first U.S. bank to enter Iraq after receiving Iraqi government approval to open an office in Baghdad. The country - where less than 1 out of 5 have a bank account and total credit is 9% of GDP (vs. 55% for MENA) - has a lot of catching-up to do as far as banking goes.