Citi to keep most UAE branches closed indefinitely due to Iran war

By Hadeel Al Sayegh

DUBAI, March 16 - Citigroup C.N is keeping most branches and offices in the UAE closed until further notice after temporarily closing them last week, the bank said on Monday, the latest sign of the impact on the industry of the Iran war.

Now in its third week, the U.S.-Israeli war on Iran has so far killed at least 2,000 people and thrown global energy markets and transport into chaos as the conflict has spread across the Middle East.

Multiple hits on Dubai, including on its airport and international financial center where many banks have offices, have dented the emirate's status as a regional safe haven for tourism and business.

Citi's move shows the challenges banks are facing since the start of the war to keep businesses running while temporarily shutting client-facing operations. Iran's Islamic Revolutionary Guard Corps said last week it would attack banks affiliated with the United States and Israel after a bank was hit in Tehran.

HSBC HSBA.L, another major global bank, said on Monday it had also closed some UAE branches until further notice but that its customer service centres in malls remained available. The bank has closed all but one of its branches in Qatar until further notice.

Citi had $17.3 billion in exposure to the UAE at the end of 2025, including loans.

In an earlier message to clients on Saturday, Citibank directed customers to its online service and mobile app, stressing that despite the branch closures it was continuing to serve clients in the UAE and Bahrain "without interruption".

A branch in the Mall of the Emirates central Dubai remains open, operating on reduced hours, it said.