Citi is providing agency and trust services to clients in the Middle East, initially focusing on Dubai, Bahrain, Kuwait, Qatar and Abu Dhabi.
“Our offering reflects the level of maturity the Middle East has attained. This represents an opportunity for us to better serve the region while expanding services for our global clients, who continue to rapidly increase their Middle Eastern investment,” says Murali Subramanian, cluster head of Global Transaction Services and deputy head of GTS in the UAE.
“Global capital flows are being redirected from the West to the Middle East and the region is growing strongly as a result. We have had a significant presence in the Middle East since 1955 and are furthering our commitment with the addition of an Agency and Trust franchise. Citi opened a new branch in Qatar in 2007 and is now its extending services to Shari’a compliant escrow services, closing agent and security agent roles,” adds Mohammed Al-Shroogi, chairman of Citi for the Middle East.
Citi’s Issuer Services has industry leading experience in documenting and executing deals ranging from vanilla sukuk bond transactions, through Shari’a compliant escrow arrangements, bespoke structured applications and the most complex project financings and structured finance transactions in all geographies. Issuer Services is represented in Dubai and also through our offices in London, New York, Singapore and Hong Kong.
Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. With a network spanning over 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. It holds $255 billion in liability balances under administration and $13.1 trillion in assets under custody and trust.