Citi announced on Tuesday that it has been granted a license by Abu Dhabi Global Market (ADGM) to set up a branch of Citibank NA at ADGM. This was announced during the visit of Mike Corbat, chief executive officer of Citigroup, to Abu Dhabi at an exclusive event at the ADGM Authorities Building hosted by 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 center in the UAE capital with a robust regulatory framework, and will provide cutting-edge liquidity management solutions to Citi’s clients looking to establish regional treasury centers 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. 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, 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.”
Citi establishes new branch office in ADGM
