Citibank sees 'flood' of deposits

Citibank's loan-to-deposit ratio is now "significantly" lower than the Central Bank's 100 per cent mandate, thanks to improved liquidity in the country and flood of deposits from retail customers.

Sanjoy Sen, Citibank's Consumer Bank Head, Middle East, said the bank's loan-to-deposit ratio in the last two quarters of 2008 was higher than required due to a drying up of liquidity and a decrease in deposit volumes.

"In the third and fourth quarters of last year a lot of clients wanted to move out their money from banks but starting from January 2009 there has been a lot of liquidity coming in this market," he told Emirates Business in an interview.