Citibank has assured that all customer deposits at all its branches in the country are guaranteed by the Government of the UAE.
All deposits stand guaranteed by the Government as per Federal Cabinet's decision of October 13, 2008, which guarantees to bank deposits with national as well as foreign banks.
"Citibank N.A, UAE is a branch of Citibank N.A and has been licensed in the UAE since 1964. We remain the bank of choice for millions of depositors worldwide, evident in a strong deposit base approximately $780 billion at the end of the third quarter, diversified across products and regions, with more than two thirds of it outside the U.S. including UAE," said Mohammed Al Shroogi, managing director for the Middle East and CEO for Citi in the UAE. "Over the past 15 months, Citi has added $75 billion in new capital: $50 billion through public and private offerings and $25 billion from the U.S. government's TARP programme. As a result, Citi maintains a very strong capital and liquidity position and a unique global franchise, including a growing Middle Eastern franchise." Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait. Recently, the bank strengthened its regional coverage through key treasury, equity and investment banking appointments in Dubai
0 comments:
Post a Comment