Finance World Magazine| Edition: January 2024

Standard Chartered UAE
In the United Arab Emirates, Standard
Chartered inaugurated its initial
branch in Sharjah in 1958. The
Group’s presence expanded steadily
in the UAE through the establishment
of multiple branches. Presently, Dubai
serves as the bank’s regional hub for
the Africa and Middle East region.
Additionally, it functions as the focal
point for its Islamic Banking division,
Standard Chartered Saadiq.
Standard Chartered foresees a sustained
mid-single-digit growth in revenue
from the Middle East and Africa
over the next five years. The bank’s
regional chief executive expressed
confidence in the region’s growth
potential, emphasising its resilience
amid this year’s economic slowdown.
Despite current challenges, Standard
Chartered remains optimistic about
the long-term prospects in the Middle
East and Africa, anticipating continued
positive performance and contributing
to the economic vitality of the region.
This forward-looking approach reflects
the bank’s commitment to leveraging
opportunities and navigating economic
dynamics to ensure steady growth and
stability in the years to come.
Anticipating strong performance,
Standard Chartered envisions robust
growth across all business segments.
The expansion of the non-oil sector in
key economies such as Saudi Arabia,
the UAE, and various African markets
remains a significant driver of sustained
top-line growth.
The London-based bank is committed
to further expanding its presence
in the region, highlighting the pivotal
role it plays in the institution’s global
growth agenda, particularly focused on
emerging markets. This strategic dedication
aligns with the bank’s vision to
harness the opportunities presented
by dynamic economies and solidify its
position as a key player in the evolving
financial landscape.
In the previous year, the bank
demonstrated strong financial performance,
reporting a noteworthy 25%
increase in underlying profit to $937M
(on a constant currency basis). Additionally,
operating income witnessed
a substantial rise of 14%, reaching
$2.6B. These figures underscore the
strategic importance of the UAE and
the broader region in Standard Chartered’s
global revenue landscape.
Citibank UAE
Citibank National Association,
commonly known as Citibank
UAE, operates as a franchise
subsidiary of Citigroup, a global financial
services corporation headquartered
in New York City, United States.
The bank is part of a vast network
spanning 98 markets globally.
Commencing operations in 1964,
Citibank UAE established its initial
branch in Dubai and later expanded
with a second branch in Abu Dhabi in
1971. This enduring presence reflects
Citibank’s commitment to providing
financial services and solutions in the
dynamic landscape of the United Arab
Emirates, contributing to the bank’s
global footprint and reinforcing its
position as a key player in the region.
Citibank UAE operates comprehensive
full-service branches exclusively
in three of the seven Emirates:
Abu Dhabi, Dubai, and Sharjah. The
bank serves a broad spectrum, offering
an array of financial products
and services to both consumers and
institutions.
Its offerings span consumer banking
and credit, corporate and investment
banking, institutional equity research
and sales, foreign exchange, credit
cards, commercial banking, treasury
and trade solutions, and an E-Brokerage
platform. Through this diverse
suite of services, Citibank UAE aims
to meet the varied financial needs of
individuals and businesses, contributing
to the economic landscape of the
Emirates it serves.
Citibank’s operational focus in
Dubai is centralised at the Dubai International
Financial Centre (DIFC).
Established in 2006, this entity operates
under licences from Citigroup
Global Markets Ltd. and Citibank, N.A.
(DIFC Branch).
Citibank UAE’s E-Brokerage for DIY
Investors charges 1% of the traded
amount per transaction and 0.2% custody
fees annually, calculated based
on the average balance of assets under
custody and assessed quarterly.
The DIFC serves as a strategic financial
hub, providing Citibank with
a prominent presence in one of the
key global business centres. Through
this branch, Citibank caters to the
diverse financial needs of its clients in
Dubai, contributing to the city’s status
as a thriving international financial
destination.
January 2024 www.thefinanceworld.com 11