Citigroup gets Dubai finance centre approval http://today.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?view=CN&storyID=2006-06-05T090909Z_01_L05706163_RTRIDST_0_FINANCIAL-CITIGROUP.XML&rpc=66
Mon Jun 5, 2006
LONDON, June 5 (Reuters) - Citigroup (C.N: Quote, Profile, Research) has received the green light to start operating as an authorised firm in the Dubai International Financial Centre, the U.S. bank said on Monday.
The authorisation 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.
The bank is already a member of the Dubai International Financial Exchange. Citigroup is one of a growing list of investment banks expanding in the Gulf region, where record oil revenues and more open markets are offering opportunities.
Lehman Brothers (LEH.N: Quote, Profile, Research), for example, is opening offices in Dubai and Qatar this year.
Citigroup has a longstanding presence in the Arab world, and currently has a presence in nine Arab countries, including Egupt, United Arab Emirates, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain and Kuwait.
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