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Citi gets license for branch at ADGM

Citibank said it has been granted a license to set up a branch at Abu Dhabi Global Market (ADGM), a financial center in Abu Dhabi. The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the United Arab Emirates, as well as offering institutional banking services to its global clients, it said. The banking group is expanding in the United Arab Emirates where it has provided wholesale and retail banking since 1964, and in neighboring Saudi Arabia where it plans to apply for a full banking license. ADGM, which opened in October 2015, and the older and larger Dubai International Financial Centre (DIFC) are the UAEs’ two international hubs for banking and fund management.

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