Citibank National Association, United Arab Emirates ( ar, سيتي بنك) commonly known as Citibank U.A.E., is a franchise subsidiary of Citigroup, 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 Citibank N.A., Kingdom of Bahrain ( ar, سيتي بنك) commonly known as Citibank Bahrain, is a franchise subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States. Citi Bahrain is co ...

History

Established in 1964, when the Citibank U.A.E., opened its first branch in

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

. A second branch in Abu Dhabi was opened in 1971.

Branches

Citibank U.A.E. has full service branches in only three of the seven

Emirates Emirates may refer to: * United Arab Emirates, a Middle Eastern country * Emirate, any territory ruled by an emir ** Gulf emirates, emirates located on the Persian Gulf ** Emirates of the United Arab Emirates, the individual emirates * The Emirat ...

, Abu Dhabi, Dubai and Sharjah.

Products and services

Citibank U.A.E. offers consumers and institutions a range of

financial product Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies ...

s and services, including

consumer banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

and

credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...

;

corporate A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...

and investment banking; institutional equity research and sales; foreign exchange, credit cards, commercial banking; and treasury and trade solutions 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.

Online brokerage

The

Dubai International Financial Centre The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering , established in 2004 as a financial hub for companies operating throughout the Middle East, Africa and South Asia (MEASA) markets. DIFC is regulated b ...

(DIFC) domiciled, Citibank U.A.E. E-Brokerage for DIY Investors. 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.

Capital Markets & Investment Banking Operations

In Dubai, operations are based at

(DIFC) licensed under Citigroup Global Markets Ltd. and Citibank, N.A. (DIFC Branch), started in 2006. In Abu Dhabi, operations are based at

Abu Dhabi Global Market Abu Dhabi Global Market (ADGM) is an international financial centre and free zone located on Al Maryah Island in the United Arab Emirates's capital, Abu Dhabi. The financial centre was established in 2013 and became fully operational in Octobe ...

(ADGM), licensed under Citibank N.A., 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 Economic theory evaluates how taxes are able to provide the government with required amount of the financial resources (fiscal efficiency) and what are the impacts of this tax system on overall economic efficiency. If tax efficiency needs to be as ...

purposes.

Digital wallet support

Citibank U.A.E. used to support their own Citi Pay

digital wallet A digital wallet, also known as an e-wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services. This can ...

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. Google Pay was enabled for Citi Mastercard Credit Cards on 1st April 2023.

Samsung Pay Samsung Pay (stylized as SΛMSUNG Pay) is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments usin ...

is not supported.

Multi-factor authentication

Security options available include: Citi Mobile® Token with Citi Mobile® App to

authenticate Authentication (from ''authentikos'', "real, genuine", from αὐθέντης ''authentes'', "author") is the act of proving an assertion, such as the identity of a computer system user. In contrast with identification, the act of indicatin ...

all, transactions, replacing One-Time Passwords (OTP) via SMS. Which is paired with a mobile device. However Citi Mobile® Token token activation requires the less secure SMS one-time PIN messages sent to registered mobile numbers. And fallback to SMS OTP is still available even after Citi Mobile® Token token is activated.

References

External links

Citibank N.A., United Arab Emirates website
{{Online brokerages Citigroup Banks of the United Arab Emirates Companies based in Abu Dhabi Companies based in Dubai Companies based in the Emirate of Sharjah Online brokerages Emirati companies established in 1964 Banks established in 1964