Citibank United Arab Emirates Explained

Citibank N.A., United Arab Emirates
Type:Subsidiary of Citigroup
Area Served:United Arab Emirates
Hq Location:Citibank U.A.E.
Al Wasl Branch
Dubai
United Arab Emirates
Key People:Gonzalo Luchetti, Citi EMEA and Asia Head of Consumer Banking
Elissar Farah Antonios, Citi U.A.E. Chief Country Officer
Dinesh Sharma, Citi Middle East Head of Consumer Banking
Venkat Mahadevan, Citi Middle East Wealth Management Head[1] [2]
Industry:Banking, financial services
Products:Credit cards
Retail banking
Commercial banking
Investment banking
Private banking
Financial analysis
E-Brokerage
Footnotes:[3]

Citibank National Association, United Arab Emirates (Arabic: سيتي بنك) commonly known as Citibank U.A.E.,[4] is a franchise subsidiary of Citigroup,[5] a multinational financial services corporation headquartered in New York City, United States. Citi U.A.E. is connected by a network spanning 98 markets across the world. The phone support call center for Citibank U.A.E. retail banking clients is based at Citibank Bahrain.[6]

History

Established in 1964, when the Citibank U.A.E., opened its first branch in Dubai. A second branch in Abu Dhabi was opened in 1971.[7]

Branches

Citibank U.A.E. has full service branches in only three of the seven Emirates, Abu Dhabi, Dubai and Sharjah.[8]

Products and services

Citibank U.A.E. offers consumers and institutions a range of financial products and services, including consumer banking[9] and credit; corporate[10] and investment banking; institutional equity research and sales; foreign exchange,[11] credit cards,[12] commercial banking; and an E-Brokerage.

Bank account requirements

Since 2015, Citibank U.A.E. requires new retail banking clients to maintain 35,000 AED, or multi-currency AED equivalent minimum balance for a basic current/checking account with a debit card.[13] [14] [15]

Online brokerage

The Dubai International Financial Centre (DIFC) domiciled, Citibank U.A.E. E-Brokerage for DIY Investors.[16] charges 1% of traded amount per transaction and 0.2% custody fees per year, calculated on the average balance of assets under custody and charged quarterly.[17]

Capital Markets & Investment Banking Operations

In Dubai, operations are based at Dubai International Financial Centre (DIFC)[18] [19] [20] licensed under Citigroup Global Markets Ltd.[21] and Citibank, N.A. (DIFC Branch),[22] [23] started in 2006.

In Abu Dhabi, operations are based at Abu Dhabi Global Market (ADGM),[24] [25] [26] [27] [28] [29] licensed under Citibank N.A.,[30] started in 2018.

Offshore booking center

Citibank U.A.E. is also used an offshore booking center for loans, and other products, for tax efficiency purposes.[31] [32]

Digital wallet support

Citibank U.A.E. used to support their own Citi Pay[33] [34] digital wallet for their debit and credit cards. This mobile wallet was discontinued on 30 June 2019. Apple Pay is supported on Mastercard Credit Cards only and was rolled out on 15 September 2020.[35] Google Pay was enabled for Citi Mastercard Credit Cards on 1 April 2023.[36] Samsung Pay is not supported.

See also

Notes and References

  1. Web site: Citi U.A.E. Opens Citigold Lounge in Abu Dhabi. 2019-01-14. Al Bawaba. en. 2019-01-14.
  2. Web site: Citi U.A.E. opens Citigold lounge in Abu Dhabi. MENA Herald. en. 2019-01-14.
  3. Web site: Citigroup Inc. 2017 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
  4. Web site: General Terms & Conditions - Citibank UAE. www.citibank.ae. 2019-01-14.
  5. Web site: Citi Europe, Middle East & Africa United Arab Emirates. www.citigroup.com. 2019-01-14.
  6. Web site: CEO Interview: Usman Ahmed. Sipra. Adnan. 2018-10-18. Bloomberg Businessweek Middle East. en-US. 2019-01-18. 2019-01-19. https://web.archive.org/web/20190119174319/http://businessweekme.com/bankers-perspective/. dead.
  7. Web site: About us - Citibank UAE. www.citibank.ae. 2019-01-14.
  8. Web site: Citibank UAE Locations, Branches, ATM - Citibank Dubai. www.citibank.ae. 2019-01-14.
  9. Web site: Open Personal Bank Account in Banking in UAE. Citibank UAE. en. 2019-01-14.
  10. Web site: Citibank Corporate Banking Solution. Citibank UAE. en. 2019-01-14.
  11. Web site: Foreign Exchange Rates, USD Euros, Foreign Investment. Citibank UAE. en. 2019-01-14.
  12. Web site: Credit Card Products, Apply for Credit Card Online. Citibank UAE. en. 2019-01-14.
  13. Web site: Citibank requires new customers to maintain Dh35,000 minimum balance. gulfnews.com. en. 2019-01-21.
  14. Web site: Citibank’s new UAE customers told to have Dh35,000 minimum account balance. The National. en. 2019-01-21.
  15. Web site: HOW TO APPLY - Citibank UAE. www.citibank.ae. 2019-01-21.
  16. Web site: ETFs, E-Brokerage, Online Trading Service and Security Brokerage - Citibank UAE. www.citibank.ae. 2019-01-14.
  17. Web site: Citibank U.A.E. - Schedule of Charges. www.citibank.ae/. 21 January 2019.
  18. Web site: Citi Establishes New Offices at Dubai International Financial Center. www.citigroup.com. 2019-01-21.
  19. Web site: Citigroup to expand in the Middle East with DIFC Licence. Dubai. Dubai International Financial Centre (DIFC). en-us. 2019-01-21.
  20. Web site: Citigroup to set up offices at DIFC. Reporter. A. Staff. Khaleej Times. 2019-01-21.
  21. Web site: CITIGROUP GLOBAL MARKETS LIMITED. Dubai. Dubai International Financial Centre (DIFC). en-us. 2019-01-21.
  22. Web site: Citibank, N.A.. Dubai. Dubai International Financial Centre (DIFC). en-us. 2019-01-21.
  23. Web site: Company Overview of Citibank N.A., United Arab Emirates. bloomberg.com.
  24. Web site: Citi to Establish New Branch Office in ADGM. www.adgm.com. 2019-01-21.
  25. Web site: CitiBank granted licence to open Abu Dhabi branch. Debusmann. Bernd Jr.. ArabianBusiness.com. en. 2019-01-21.
  26. Web site: Citigroup to set up branch in ADGM. gulfnews.com. en. 2019-01-21.
  27. Web site: Citigroup receives Abu Dhabi Global Market branch licence. The National. en. 2019-01-21.
  28. Web site: Citi granted license to set up Citibank branch in Abu Dhabi. 2018-10-30. Arab News. en. 2019-01-21.
  29. Web site: Citi to open Abu Dhabi office. 2018-10-30. Gulf Business. en-US. 2019-01-21.
  30. Web site: CITIBANK N.A. (000001426) [Branch of a Foreign Company]]. www.registration.adgm.com. 2019-01-21. 2020-12-13. https://web.archive.org/web/20201213072026/https://www.registration.adgm.com/adgm-companies/viewInstance/view.html?id=1a2460da10a86b7524e61d4a7b1967344e017ca3b6aeae17&_timestamp=254929003575927. dead.
  31. News: Citigroup plans to grow offshore booking center in UAE: executive. 2018-10-02. Reuters. 2019-01-25. en.
  32. Web site: Citi (C) Strategizes to Propel UAE's Offshore Booking Center. Research. Zacks Investment. Zacks Investment Research. en. 2019-01-25.
  33. Web site: Citi Pay® - Mobile Wallet App, Tap and Pay. Citibank UAE. en. 2019-01-18.
  34. Web site: Citi Pay UAE - Apps on Google Play. play.google.com. en. 2019-01-18.
  35. Web site: Apple Pay participating banks in Europe and the Middle East. 2020-09-30. Apple Support. en.
  36. Web site: Citi Mastercard Credit Cards now on Google Pay . Citibank UAE.

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