The Abu Dhabi Global Market (ADGM) has granted Citi a licence to set up a branch of Citibank NA at ADGM, it was announced on Tuesday.
The visit was announced during a visit by Citigroup CEO Mike Corbat to Abu Dhabi.
The branch is pending final approval from ADGM’s Financial Services Regulatory Authority (FSRA).
“The UAE is an important market with tremendous potential for Citi,” said Citi country officer Elissar Farrah Antonios. “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, FSRA CEO, said that the FSRA is ‘excited to work closely with City as one of its strategic hubs to realise 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 centres, which are seeking world class expertise and innovative solutions,” he added. “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 currently present in 25 markets in the Middle East and Africa.
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