Citibank has announced a new suite of business and financial solutions, including letters of credit (L/Cs) specifically aimed at UAE-based small- and medium-sized enterprises (SMEs) with annual turnover of up to US$50 million

CitiBusiness is the latest in a string of offerings from banks specifically geared towards SMEs.

Range of services

The Citibank offering claims to offer a complete range of current, call, escrow and deposit accounts with attractive interest rates in major currencies and a high interest earning current account.

CitiBusiness also claims to offer a range of credit facilities catering for the working capital requirements of SMEs through loans secured against property and a fast track business loan.

Trade services

CitiBusiness also offers trade services such as L/Cs, letters of guarantee and import and export collection of documents.

The bank says the suite also includes a dedicated customer service unit and a team of relationship managers and back office staff. This coupled with Citigroup's international network provides the tools needed to assist clients to be more competitive both locally and in the global market according to the bank.

SME focus

Citigroup has been in the Middle East for nearly 50 years while Citibank in the UAE is an established player in the UAE's credit card market and in banking services such as wealth management and consumer credit services.

Citibank joins other banks worldwide, including Gulf banks such as BankMuscat in Bahrain andStandard Chartered in the UAE, toprovide SMEs with trade finance and business services specifically geared towards them (DCInsight Vol. 13 No.1 January - March 2007).

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