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Citi to Provide Direct Custody and Clearing Services in the United Arab Emirates


Three UAE Exchanges Represent 55th, 56th and 57th Markets to Join Citiís Industry Leading Global Network.

London & Dubai Ė Citiís Global Transaction Services business in Europe, the Middle East and Africa, has announced that it will be providing direct custody and clearing (DCC) 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, taking Citiís proprietary network, the largest in the world, to 57 markets globally, of which 31 markets are in Europe, the Middle East and Africa.

Lee Waite, Managing Director and Global Head of Citiís Direct Custody and Clearing/ Intermediaries business, said, ď 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 Citiís 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.Ē

Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said, ď Citi has operated in the Middle East for over 50 years and the addition of the UAE custody services further emphasizes Citiís 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 ó 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.Ē

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. Citiís fund service capability through Bahrain was its first in the Middle East.

Direct custody and clearing plays an integral role in the capital markets by providing the clearing and settlement services required for broker dealers and global custodians to support trading and investing activities around the world. Direct custodians provide services such as equity and fixed income securities settlements, safekeeping, prematching, registration, corporate actions, income collection, proxy services, foreign ownership monitoring and disclosure services, market claims, cash management, foreign exchange, reporting, market expertise and information services to clients.

Global Transaction Services, a division of Citiís Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 140 countries, Citiís Global Transaction Services supports over 65,000 clients. As of the 4th quarter of 2008, it held on average $292 billion in liability balances and $10.7 trillion in assets under custody.

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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