Citi to open Abu Dhabi office

US bank Citigroup said on Tuesday it had been granted a licence to operate in financial free zone Abu Dhabi Global Market (ADGM).

The announcement was made during a visit to ADGM by Citi CEO Mike Corbat.

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.

Citi, which is present in 25 Middle East and Africa markets, has been eyeing regional expansion this year.

Miguel Azevedo, Citigroup’s head of investment banking, Middle East and Africa, said in February he expected bond sales, mergers and acquisitions and public share sales to pick-up this year.

Read: Citigroup targets rapid Middle East and Africa growth in 2018

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.

Read: Citigroup eyes Saudi expansion as banks aim to capitalise on reforms

Abu Dhabi National Oil Company said earlier this year it was more likely to engage with financial institutions tat establish a presence in ADGM.

Read: UAE’s ADNOC encourages banks to establish Abu Dhabi presence