New Branch will be a Global Hub Offering Markets and Treasury Solutions to Citi’s Clients
Abu Dhabi, UAE : Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased that Citi has been granted the licence 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 which 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.
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About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an award-winning international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and LinkedIn: ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides 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, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Media Contacts:
ADGM: Joan Lew +971 56 1774075 joan.lew@adgm.com
Citi: Karim Seifeddine +971 4 5099707 karim.seifeddine@citi.com
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