Citi and Arab Bank have announced a collaboration that lets Arab Bank offer Citi’s 24/7 US dollar clearing service to its corporate clients, for both incoming and outgoing USD payments. The announcement was datelined Dubai on October 12.
Arab Bank will use the service for cross-border USD payments at selected branches. It builds on an existing relationship covering USD clearing, liquidity management, and trade and working capital solutions across several Arab Bank entities and regions. The companies say the combined offering pairs Arab Bank’s regional network with Citi’s global one. Arab Bank’s subsidiaries are in Dubai, Singapore, London, Paris and Manama.
Citi says its 24/7 USD clearing is live with more than 300 financial institutions across over 50 markets, and connects to more than 290 clearing systems worldwide. The companies say always-on settlement helps Middle Eastern banks keep payments running across different weekend schedules and stay connected to global markets.
Emre Umut, Citi’s Middle East and Africa Head of FI Sales, said speed, transparency and innovation are increasingly essential for corporates and financial institutions, and spoke of “borderless, always-on, and real-time solutions for global commerce.” Maram Al-Jazireh, Arab Bank’s Global Head of FI and Sustainability, said customer centricity and longstanding relationships remain at the core of its initiatives.
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