Franchise subsidiary of Citigroup
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 15th September 2020.
[35]
Google Pay was enabled for Citi
Mastercard Credit Cards on 1st April 2023.
[36]
Samsung Pay is not supported.
See also
References
^
"Citi U.A.E. Opens Citigold Lounge in Abu Dhabi" . Al Bawaba . 2019-01-14. Retrieved 2019-01-14 .
^
"Citi U.A.E. opens Citigold lounge in Abu Dhabi" . MENA Herald . Retrieved 2019-01-14 .
^
"Citigroup Inc. 2017 Form 10-K Annual Report" .
U.S. Securities and Exchange Commission .
^
"General Terms & Conditions - Citibank UAE" . www.citibank.ae . Retrieved 2019-01-14 .
^
"Citi | Europe, Middle East & Africa | United Arab Emirates" . www.citigroup.com . Retrieved 2019-01-14 .
^ Sipra, Adnan (2018-10-18).
"CEO Interview: Usman Ahmed" . Bloomberg Businessweek Middle East . Archived from
the original on 2019-01-19. Retrieved 2019-01-18 .
^
"About us - Citibank UAE" . www.citibank.ae . Retrieved 2019-01-14 .
^
"Citibank UAE Locations, Branches, ATM - Citibank Dubai" . www.citibank.ae . Retrieved 2019-01-14 .
^
"Open Personal Bank Account in Banking in UAE" . Citibank UAE . Retrieved 2019-01-14 .
^
"Citibank Corporate Banking Solution" . Citibank UAE . Retrieved 2019-01-14 .
^
"Foreign Exchange Rates, USD Euros, Foreign Investment" . Citibank UAE . Retrieved 2019-01-14 .
^
"Credit Card Products, Apply for Credit Card Online" . Citibank UAE . Retrieved 2019-01-14 .
^
"Citibank requires new customers to maintain Dh35,000 minimum balance" . gulfnews.com . Retrieved 2019-01-21 .
^
"Citibank's new UAE customers told to have Dh35,000 minimum account balance" . The National . Retrieved 2019-01-21 .
^
"HOW TO APPLY - Citibank UAE" . www.citibank.ae . Retrieved 2019-01-21 .
^
"ETFs, E-Brokerage, Online Trading Service and Security Brokerage - Citibank UAE" . www.citibank.ae . Retrieved 2019-01-14 .
^
"Citibank U.A.E. - Schedule of Charges" (PDF) . www.citibank.ae/ . Retrieved 21 January 2019 .
^
"Citi Establishes New Offices at Dubai International Financial Center" . www.citigroup.com . Retrieved 2019-01-21 .
^ Dubai.
"Citigroup to expand in the Middle East with DIFC Licence" . Dubai International Financial Centre (DIFC) . Retrieved 2019-01-21 .
^ Reporter, A. Staff.
"Citigroup to set up offices at DIFC" . Khaleej Times . Retrieved 2019-01-21 .
^ Dubai.
"CITIGROUP GLOBAL MARKETS LIMITED" . Dubai International Financial Centre (DIFC) . Retrieved 2019-01-21 .
^ Dubai.
"Citibank, N.A." Dubai International Financial Centre (DIFC) . Retrieved 2019-01-21 .
^
"Company Overview of Citibank N.A., United Arab Emirates" . bloomberg.com .
^
"Citi to Establish New Branch Office in ADGM" . www.adgm.com . Retrieved 2019-01-21 .
^ Debusmann, Bernd Jr.
"CitiBank granted licence to open Abu Dhabi branch" . ArabianBusiness.com . Retrieved 2019-01-21 .
^
"Citigroup to set up branch in ADGM" . gulfnews.com . Retrieved 2019-01-21 .
^
"Citigroup receives Abu Dhabi Global Market branch licence" . The National . Retrieved 2019-01-21 .
^
"Citi granted license to set up Citibank branch in Abu Dhabi" . Arab News . 2018-10-30. Retrieved 2019-01-21 .
^
"Citi to open Abu Dhabi office" . Gulf Business . 2018-10-30. Retrieved 2019-01-21 .
^
"CITIBANK N.A. (000001426) [Branch of a Foreign Company]" . www.registration.adgm.com . Archived from
the original on 2020-12-13. Retrieved 2019-01-21 .
^
"Citigroup plans to grow offshore booking center in UAE: executive" . Reuters . 2018-10-02. Retrieved 2019-01-25 .
^ Research, Zacks Investment.
"Citi (C) Strategizes to Propel UAE's Offshore Booking Center" . Zacks Investment Research . Retrieved 2019-01-25 .
^
"Citi Pay® - Mobile Wallet App, Tap and Pay" . Citibank UAE . Retrieved 2019-01-18 .
^
"Citi Pay UAE - Apps on Google Play" . play.google.com . Retrieved 2019-01-18 .
^
"Apple Pay participating banks in Europe and the Middle East" . Apple Support . Retrieved 2020-09-30 .
^
"Citi Mastercard Credit Cards now on Google Pay" . Citibank UAE .
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