Citi To Provide Direct Custody And Clearing Services For UAE

Citi 's Global Transaction Services business in Europe, the Middle East and Africa, will be providing direct custody and clearing services to clients investing in the United Arab Emirates
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Citi ‘s Global Transaction Services business in Europe, the Middle East and Africa, will be providing direct custody and clearing services to clients investing in the United Arab Emirates. Citi is now open to service all three UAE exchanges: Abu Dhabi Securities Exchange, Dubai Financial Markets and NASDAQ Dubai.

“We have continued to open in more markets despite the current economic climate, and strongly believe that the Middle East is a region of ever increasing importance. Reaching 57 markets is a milestone for our business and shows Citi’s unrivalled ability to respond to and support our clients who will benefit from dedicated DCC client service teams, which will provide local expertise combined with globally consistent services,” says Lee Waite, Managing Director and Global Head of Citi’s Direct Custody and Clearing/ Intermediaries business.

“Citi has operated in the Middle East for over 50 years and the addition of the UAE custody services further emphasizes Citi’s commitment to the UAE and the Middle East region. We continue to expand our services in this region and are encouraged by the opportunities in the UAE as well as the rest of the Middle East. This is another important achievement in our development strategy to embed our Securities and Fund Services capabilities within the region.

The Middle East is an exceptional market place – one demanding local solutions with global service standards. Our plan is to build out our full Securities and Fund Services product set within the region to service Intermediary, Investor and Issuer clients both locally and internationally,” Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, says.

In July 2008 Citi announced that its Securities and Fund Services division was extending its fund servicing domiciles with the addition of Bahrain Regulated Funds to its current service offering. The addition of Bahrain brought the number of Funds markets serviced by Citi to 20. Citi’s fund service capability through Bahrain was its first in the Middle East.

Citi has been present in the Arab World for nearly fifty 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

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