Citibank UAE is moving ahead with plans to expand its branch network, according to informed sources.
The bank which presently operates five branches in the country, is said to be in the process of applying to the Central Bank for more.
Sources also said Citi-bank is planning to double its ATM network to more than 30 by the end of the year.
Citibank officials declined comment, stating the bank will announce its plans at the appropriate time.
Several foreign banks have announced plans to expand their branch networks in the UAE following the Central Bank's announcement a couple of months ago that it would consider opening up the sector.
Citibank operated with six branches until two years ago, when it closed down its Deira office. It also relocated its Sharjah branch to Bank Street in the Rolla area.
Although foreign banks in the UAE are permitted to operate up to eight branches, a few banks like Citibank and ABN Amro Bank have been operating fewer than eight branches.
Citibank is also said to be planning to establish its presence in the unrepresented northern emirates through customer service units.
According to informed sources, the bank will ultimately open about five service units in the emirates like Ras Al Khaimah, Fujairah, Umm Al Quwain and Ajman.
The foreign banks which have a presence in the UAE have been very active these days about establishing a presence in the other Gulf countries. Kuwait and Saudi Arabia have been the targets of these foreign banks.
Some time ago, Deutsche Bank procured a Saudi licence for investment banking. Bahrain-based Gulf International Bank, National Bank of Kuwait and Dubai-based Emirates Bank have started operations in Saudi Arabia, and a few others including Oman's leading bank, BankMuscat, are waiting in the wings to enter this market.
While BNP Paribas has already set up a branch in Kuwait, Citibank is said to be finalising its plans in this market.
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