Cit­i­group granted li­cence to op­er­ate branch at ADGM

The National - News - - BUSINESS - SARMAD KHAN

Cit­i­group re­ceived a li­cence to es­tab­lish a branch at Abu Dhabi Global Mar­ket, the emi­rate’s fast-grow­ing fi­nan­cial hub, as the global lender looks to ex­pand its re­gional pres­ence.

The new Citi branch will pro­vide liq­uid­ity man­age­ment so­lu­tions to clients look­ing to es­tab­lish re­gional trea­sury cen­tres in the UAE.

Upon re­ceiv­ing fi­nal ap­proval the from Fi­nan­cial Ser­vices Reg­u­la­tory Au­thor­ity, which over­sees the ADGM, the branch will also pro­vide in­sti­tu­tional bank­ing ser­vices to its cus­tomers around the globe, the lender said yes­ter­day.

The branch will boost Citi’s bank­ing ca­pac­ity in the UAE, where the lender has been of­fer­ing whole­sale and re­tail bank­ing ser­vices since 1964. The li­cence was granted dur­ing Cit­i­group chief ex­ec­u­tive Mike Cor­bat’s visit to the ADGM.

“The UAE is an im­por­tant mar­ket with tremen­dous po­ten­tial for Citi,” said Elis­sar Farah An­to­nios, Citi’s coun­try of­fi­cer for the UAE. “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.”

Global lenders are strength­en­ing their po­si­tions in the Ara­bian Gulf re­gion, which is home to about a third of the world’s proven oil re­serves, as GCC gov­ern­ments trans­form their economies and take mea­sures to cut de­pen­dence on crude for rev­enues.

Citi also plans to re­turn to Saudi Ara­bia af­ter an ab­sence of more than 13 years and has ap­plied for a li­cence to op­er­ate in the king­dom.

If suc­cess­ful, Citi could also pur­sue with the Saudi cen­tral bank per­mis­sion for a full bank branch li­cence, po­ten­tially join­ing other banks such as JP Mor­gan and Deutsche Bank, ac­cord­ing to Reuters.

Citi is in 25 mar­kets across the Mid­dle East and Africa re­gion. Its ser­vices in­clude cor­po­rate and in­vest­ment bank­ing, cap­i­tal mar­kets, sales and trad­ing, trans­ac­tions ser­vices, pri­vate bank­ing and Is­lamic bank­ing op­er­a­tions. The lender 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 cen­ters, which are seek­ing world-class ex­per­tise and in­no­va­tive so­lu­tions,” said Richard Teng chief ex­ec­u­tive of the FSRA.

“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.”

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.