Dubai - Citibank, a member of Citigroup, today announced that it now serves Small and Medium Enterprises (SME) with annual turnover of up to $50 Million through CitiBusiness - a suite of business and financial solutions for companies based in the UAE.
This important high point in banking service follows the bank's stated commitment to expand into the SME segment, which fuels the national GDP and represents more than 60% of businesses in the UAE. SME enterprises are active in key businesses such as trade, construction, tourism, facility management, import & export, manufacturing, and professional services.
CitiBusiness offers a complete range of current, call, escrow and deposit accounts with attractive interest rates in major currencies, and high interest earning current account - CitiBest. This offers attractive returns based on average balances, reaching 4.5% return per annum, calculated on a daily basis and is one of the highest rates offered in the UAE market today. In addition, CitiBusiness offers a range of credit facilities to cater to the working capital requirements of SMEs through loans secured against property and a fast track business loan.
Apart from competitive rates on remittances, CitiBusiness also offers trade services; such as letters of credit, letters of guarantee and import and export collection of documents.
"At Citibank, we aim to provide tailored products that help facilitate the development of the Small and Medium Enterprise segment, which is key to UAE's vibrant economy," said Sanjoy Sen, Citibank's Country Business Manager for the UAE. "This segment requires fast and easy access to funds for growing business needs. CitiBusiness provides the much needed business banking facilities to existing and new to bank customers."
A dedicated Customer Service Unit assists with transfers, balances or statements and solutions to day-to-day enquiries. A select team of relationship managers, back office staff and Citigroup's international network provide the tools needed to assist clients to be more competitive both locally and in the global market.
"The SME segment demands a long-term relationship, product customization and flexibility combined with financial partnership for overcoming scale disadvantages," added Satyajeet Roy, CitiBusiness Head. "The differentiating factor of CitiBusiness will be product offers, key account management and superior service which has always set Citibank apart."
Citigroup has been in the Middle East for nearly 50 years and currently offers consumer-banking services in the UAE, Bahrain and Egypt. In the UAE alone, Citibank, the consumer banking arm of Citigroup, has had a presence for the past 42 years, and is expanding its major operations within the country. The bank is currently a major player in the UAE's credit card market and a leading provider of banking, wealth management and consumer credit services.
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Notes to the Editors:
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.
For more information, please contact:
Aisha Ali
Media Relations
Citigroup
Tel: ++971 4 311 4392
Email: aisha.mohammad.ali@citigroup.com
© Press Release 2007
