Citigroup in DIFC
Tuesday, June 06, 2006
Citigroup announced on Monday that it received authorization to start operating in the Dubai International Financial Center. According to Reuters, this is part of the bank’s “plans to develop a full-service investment banking business in the region, which will include equities and a dedicated equity research team”. Citigroup now operates in nine Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain and Kuwait.
Dubai International Financial Center plans to become a major international financial center just like New York, London or Hong Kong. It focuses on; banking services (investment banking, corporate banking and private banking); capital markets (equity, debt Instruments, derivatives and commodity trading); asset management and fund registration; insurance and reinsurance; Islamic finance; business processing operations and ancillary services. It now has around 190 companies registered including giants like Credit Suisse, Lloyds TSB, Deutsche Bank, and Merrill Lynch Bank.
posted by Unknown @ 2:28 AM,
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