Citi announced today that it has been granted a licence by Abu Dhabi Global Market (ADGM) to set up a branch of Citibank NA at ADGM.
This was announced during the visit of Mr. Mike Corbat, Chief Executive Officer of Citigroup, to Abu Dhabi and at an exclusive event at ADGM Authorities Building hosted by H.E. Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM.
The new Citi branch will be set up at ADGM, an eminent international financial centre in the capital of the United Arab Emirates with a robust regulatory framework, and will provide cutting-edge liquidity management solutions to Citi’s clients looking to establish regional Treasury centres in the UAE.
Upon receiving final approval from the Financial Services Regulatory Authority (FSRA) of ADGM, the branch will also offer the full suite of Citi’s institutional banking capabilities to its global clients. This augments Citi’s capacity in the UAE where the bank has been operating a universal banking model encompassing wholesale and retail banking activities since 1964.
Elissar Farah Antonios, Citi Country Officer-UAE, said: “The UAE is an important market with tremendous potential for Citi. The ADGM platform complements our footprint in the region and enables us to engage in a wide spectrum of wholesale banking business out of Abu Dhabi.”
Richard Teng, Chief Executive Officer, FSRA, said: “We warmly welcome Citi to the ADGM family, joining us in enhancing Abu Dhabi’s position as a leading global financial hub and strengthening the UAE’s long-term economic plans. We are excited to work closely with Citi as one of its strategic hubs to help realize its growth strategies well into the future. ADGM will continue to support Citi and like-minded financial institutions in catering to the increasing establishment of regional treasury centers, which are seeking world-class expertise and innovative solutions.
I look forward to Citi adding to the vibrancy of the market and expanding the available banking and financial offerings. Together, we can better serve the institutions, investors and business community in the UAE and globally.”
Citi is present in twenty-five markets in the Middle East and Africa region, and its services include Corporate & Investment Banking, Capital Markets, Sales & Trading, Transactions Services, Private Banking and Islamic Banking. Citi also offers Consumer Banking services in two of these markets, namely UAE and Bahrain.
