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Dubai – Citi commemorated its 60th anniversary in the UAE in an exclusive event in the presence of CEO Jane Fraser, attended by Citi’s global and local executives as well as many government, business, and industry leaders in the UAE.
Commenting on this major milestone, Ebru Pakcan, Middle East & Africa Cluster and Banking Head said: “Our long-standing relationship with the UAE is a testament to our strong and ongoing commitment to this thriving market. Citi’s journey here has been impressive, marked by solid foundations and decades of steady achievements. We are poised for even greater growth, and I am excited about the opportunities that lie ahead for our business in the UAE and the Middle East.”
Citi’s partnership with the UAE started on January 25, 1964, when Citi, then called the First National City Bank, opened its first branch in Dubai, followed by Abu Dhabi in 1971, becoming the first American Bank to establish a presence in the country.
This was a significant milestone that laid the foundation for a strong relationship with the UAE. In 1976, Citi opened one of the first trading floors in the country and inaugurated its first gulf headquarters in Dubai in 1983. Since then, the bank has expanded its presence in the country with the establishment of regional offices at the Dubai International Financial Centre (DIFC) in 2006 and Abu Dhabi Global Market (ADGM) in 2018.
“Throughout these 60 years, we have remained steadfast in our commitment to our clients, catering to international and local companies and providing them with world-class financial solutions and services and access to our global network,” commented Maria Ivanova, Citi Country Officer and Banking Head for the UAE, who reaffirmed the bank’s commitment to the country. “We have built many successful stories through the dedication and hard work of a great team made up of many talented people.”
Shamsa Al-Falasi,Citibank N.A., UAE CEO Onshore said: “I’m extremely proud to be part of Citi’s promising journey in the UAE. From pioneering innovative financial solutions to facilitating economic growth, Citi has been an integral part of key sectors in the UAE, serving as a catalyst for development and prosperity.”
Today, the UAE has a growing presence as one of the global financial hubs for Citi and the boarder financial services industry. Citi UAE offers a full spectrum of financial services including Corporate & Investment Banking, Capital Markets, Sales & Trading, Transactions Services, Private Banking and Commercial Banking. In addition, it serves as one of Citi’s four global Wealth Management centres and continues to be a major player in local consumer services.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
*Photo caption from right to left: Late Sheikh Rashid Bin Saeed Al Maktoum, Ruler of Dubai with Richard S. Perkins, Chairman of Citi’s Executive Committee
* Addendum:
Citi UAE Timeline
1964
Opened a branch in Dubai; Received special permission from the US Treasury to deal in gold, enabling Citibank to participate in the gold trading with India.
1980
Pioneered a Cash Management system allowing local customers and the Central Bank to directly access their accounts with Citibank New York.
1999
Established regional hub in the UAE for trade service in Dubai focused on Gulf-wide trade opportunities.
2006
Established a fully licensed office at the Dubai International Financial Center (DIFC).
2012
Developed the innovative financing solution for Salik Toll Securitization – First toll road financing in the region.
2018
Received a licence by Abu Dhabi Global Market (ADGM) to set up a branch providing cutting-edge liquidity management solutions to Citi’s clients looking to establish regional Treasury centres in the UAE.
2022
Led, as Global Coordinator on The Dubai Electricity and Water Authority (DEWA)’s $6.1 billion IPO– Largest UAE IPO ever, largest IPO in MENA since Aramco in 2019 and largest utilities IPO globally since 2008.
2023
Led on the following transactions:
- IPO of ADNOC Logistics & Services – Largest transportation IPO Globally during the year
- Masdar: Inaugural US$750mn Green Offering
- DP World US$1.5bn Debut Green Sukuk Offering