DUBAI: Citibank will close most of its United Arab Emirates branches and financial centres through March 14 as a precaution, its website showed on Thursday, as banks in the region sent staff home in response to a deepening Middle East conflict.
The U.S. financial group's measures are the latest sign of growing concern among banks after Iran threatened Gulf banking interests linked to the U.S. and Israel.
The Citi branch in the Mall of the Emirates in central Dubai is exempted from the closure, the bank said on its website, adding it plans to reopen all affected branches on March 16.
Citi had moved to a fully remote model for all UAE-based staff and was continuing to serve clients without interruption, a spokesperson for the bank told Reuters.
The U.S.-Israeli war on Iran has so far killed around 2,000 people and thrown global energy markets and transport into chaos as the conflict has spread across the Middle East, with Iranian strikes against Israel, U.S. bases and Gulf states.
Citi told its staff to evacuate offices in the Dubai International Financial Centre and Dubai's Oud Metha district this week and to work from home until further notice.
"The decision to evacuate three of our buildings and to close branches in the UAE was responsive to information we received and is consistent with our commitment to prioritise the safety of our colleagues," the spokesperson said.
HSBC, another major global bank, has closed all branches in Qatar until further notice, a customer notice said, to ensure the safety of staff and customers.
The war has dented Dubai's sales pitch to international businesses as the region's most reliable economic hub, prompting concerns of capital flight, layoffs and firms relocating elsewhere, Reuters reported last week.
Citi said on its website that its phone banking service in the UAE was currently operating at a limited capacity and the processing of cheques would experience delays. - Reuters
