US bank Citigroup has been granted a licence to operate in financial free zone Abu Dhabi Global Market (ADGM).
The company will set up a new branch in Abu Dhabi to provide “liquidity management” to clients looking to establish regional treasury centres in the UAE, it said.
Upon receiving final approval from UAE regulator the Financial Services Regulatory Authority it will also offer the bank’s wider institutional services.
“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,” said Citi’s UAE country officer Elissar Farah Antonios.
Citigroup operates in 25 markets in the Middle East and Africa region, providing services such as corporate and investment banking, capital markets, sales and trading, and Islamic banking among others. The bank also offers consumer-banking services in the UAE and Bahrain.
“ADGM will continue to support Citi and like-minded financial institutions in catering to the increasing establishment of regional treasury centres, which are seeking world-class expertise and innovative solutions,” Richard Teng, chief executive officer of the FSRA, said.
The bank is also among a dozen foreign institutions expanding in Saudi Arabia in pursuit of new business related to the kingdom’s reform efforts.
The granting of the license in Abu Dhabi was made during a visit to ADGM by Citigroup chief executive Mike Corbat.
Abu Dhabi National Oil Company said earlier this year it was more likely to engage with financial institutions tat establish a presence in ADGM.