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05 March 2024

Citi UAE becomes part of Citicorp following the split of Citigroup

By Mohamad Al Kady

Citi UAE has become part of Citicorp following the split of Citigroup into two companies, a top official said.

"Our business in the UAE and the Middle East will continue as usual," said Mohammed Al Shroogi, Citi's Managing Director, Middle East, and CEO, the UAE.

"We are committed to our operations in the region and the UAE and the split of the group into Citicorp and Citi Holdings has not affected our business here.

"We have confidence in the UAE economy and its ability to handle the negatives of the financial crisis. We achieved good results in 2008 but the first quarter of 2009 will be difficult for all banks and we will not be able to achieve the same results as we did in 2007-2008.

"The whole world is facing a hard economic situation and the UAE's economy is facing hardships.

"However the country's economy is viable, kicking up and moving. Policy-makers in the economic and monetary fronts are working on ways to support the economy and we are confident in their ability to help the economy pass this critical stage."

Al Shroogi said real estate deals were the only part of the bank's business affected by the financial crisis.

"Revenues from retail banking, which represents 50 per cent of the bank's revenues, will continue at the same rate," he added. "Deals in different sectors are proceeding and cancellations have been restricted to the real estate area.

"Our deals with public companies and corporate banking are proceeding as normal. We have deals in infrastructure, oil, gas, aviation and transportation sectors and all these deals are operating as usual. We are working on new deals in the country. The competition has become very fierce among banks and we must move quickly in the market."

He said he would welcome any move by the government to increase the amount of liquidity in the markets.

"The issue is that we have to find the right channels to introduce this liquidity."