Citibank United Arab Emirates
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 1964 |
| Headquarters | Dubai , United Arab Emirates |
Area served | United Arab Emirates |
| Products | Consumer banking, credit cards, corporate banking, investment banking, equity research and sales, foreign exchange, commercial banking, E-Brokerage |
| Parent | Citigroup |
Citibank National Association, United Arab Emirates (), operating under the name Citibank U.A.E., functions as a franchise subsidiary of Citigroup, a global financial services firm headquartered in New York City. Citi U.A.E. is part of an extensive international network covering 98 countries. The customer support call center for retail banking is located within Citibank Bahrain.
History
Founded in 1964 with its inaugural branch in Dubai, Citibank U.A.E. further expanded by launching a second branch in Abu Dhabi in 1971.
Branches
Full-service branches of Citibank U.A.E. are situated in three Emirates out of seven: Dubai, Abu Dhabi, and Sharjah.
Products and services
Citibank U.A.E. offers a comprehensive suite of financial solutions catering to both individual and corporate clients. These include consumer banking, credit facilities, corporate banking, investment banking, institutional equity research and sales, foreign exchange services, credit card issuance, commercial banking, and E-Brokerage platforms.
Bank account requirements
Since 2015, new retail customers must keep a minimum balance equivalent to 35,000 AED in multi-currency accounts to maintain basic current/checking accounts with debit card access.
Online brokerage
Operating from the Dubai International Financial Centre (DIFC), Citibank U.A.E.’s E-Brokerage platform targets self-directed investors. It charges a transaction fee of 1% on traded amounts along with an annual custody fee of 0.2%, which is calculated quarterly based on average asset holdings.
Capital Markets & Investment Banking Operations
Dubai-based operations are located at the Dubai International Financial Centre (DIFC), functioning under licenses granted to Citigroup Global Markets Ltd. and Citibank, N.A. (DIFC Branch), established in 2006.
In Abu Dhabi, the operations are situated at Abu Dhabi Global Market (ADGM), licensed under Citibank N.A., with activities commencing in 2018.
Offshore booking center
Citibank U.A.E. acts as an offshore booking center for loans and various financial products, enhancing tax efficiency within its operational framework.
Digital wallet support
Previously, Citibank U.A.E. provided the Citi Pay digital wallet service for debit and credit cards until it was discontinued on 30 June 2019. Presently, Apple Pay has been supported on Mastercard credit cards since September 2020, while Google Pay became available for Citi Mastercard credit cards starting April 2023. Samsung Pay remains unsupported.