Citibank shuts UAE branches amid Iran-Israel tensions
Citibank closed most of its United Arab Emirates branches and financial centers beginning March 12; they were initially scheduled through March 14 but remained in effect until further notice as of March 16, reacting to threats from Iran's Islamic Revolutionary Guard Corps against banks linked to the US and Israel.
Staff at key Dubai offices were evacuated, with remote work options, even from abroad, offered for safety.
HSBC closes Qatar branches
Even while branches were shut, clients were directed to Citibank Online and the Citi Mobile app for banking; ATM status is not reported.
Some phone services operated at limited capacity and cheque processing experienced delays.
Meanwhile, HSBC took things further by closing all its Qatar branches indefinitely over safety worries.
Impact on Gulf business confidence
These moves show just how much regional tensions are shaking up Gulf business confidence.
The conflict has already cost around 2,000 lives and disrupted global energy markets and transport, reminding everyone that even big banks aren't immune when things get heated.