The Citigroup Inc (Citi) logo will be on display at the SIBOS Banking and Financial Conference in Toronto, Ontario, Canada on October 19, 2017. Picture taken on October 19, 2017. REUTERS / Chris Helgren
DUBAI (Reuters) – Citigroup received a license to establish a Citibank branch on Abu Dhabi Global Market (ADGAM), a financial hub in Abu Dhabi, on Tuesday.
The new office will provide liquidity management to Citi's clients, which are the regional treasury centers in the United Arab Emirates, and provide institutional banking services to their global clients.
Citi expands in the United Arab Emirates, where it has been offering wholesale and retail business since 1964, and in neighboring Saudi Arabia, where it intends to apply for a full banking license.
Citi wants to strengthen the role of the UAE as an offshore booking center to meet the demand of multinational corporate clients who want to use the country as a hub for their operations in the Middle East and Africa, said Atiq Rehman, Citi's Chief Executive for the Middle East and Africa Africa Reuters earlier this month.
The license was issued in Abu Dhabi during a visit by Citigroup CEO Mike Corbat to ADGM.
ADGM, which opened in October 2015, and the larger and larger Dubai International Financial Center (DIFC) are UAE's two international hubs for bank and fund management.
In comments aimed at encouraging more banks to establish themselves in ADGM, Abu Dhabi National Oil Co (ADNOC) CEO Sultan al-Jaber said in February that he was more likely to engage with financial institutions, the are present in the financial sector, will engage Center.
Reporting by Tom Arnold; Editing by Kirsten Donovan