Abu Dhabi: Citigroup has been granted a licence to set up a branch within the Abu Dhabi Global Market (ADGM), it announced on Tuesday.
The new branch will provide liquidity management solutions to Citi’s clients looking to establish regional treasury centres in the UAE and will also offer institutional banking capabilities to its global clients upon receiving final approval from the ADGM’s Financial Services Regulatory Authority (FSRA).
“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,” Elissar Farah Antonios, Citi country officer for the UAE said in a statement.
Citigroup operates in twenty-five markets in the Middle East and Africa region, providing services such as corporate and investment banking, capital markets, sales and trading, and Islamic banking among others. The bank also offers consumer-banking services in the UAE and Bahrain.
“ADGM will continue to support Citi and like-minded financial institutions in catering to the increasing establishment of regional treasury centres, which are seeking world-class expertise and innovative solutions,” Richard Teng, chief executive officer of the FSRA, said.
The announcement was made during the visit of Citigroup CEO Mike Corbat to Abu Dhabi at an exclusive event hosted at the ADGM building by Ahmad Ali Al Sayegh, UAE Minister of State and ADGM chairman.