International financial institutions such as Citibank in Dubai are putting the squeeze on hard-hit businesses & out of work professionals in the UAE, and I am sure this reality applies in other parts of the world if the order to collect is coming from head office.
Despite its US $700 million dollar bailout, Citibank has one of the highest interest rates on loans and credit cards in the market place which only reaffirms the company’s strategy to take from the masses and give to the large industries for greater profit.
The problem is that since 2009 many of Citibank’s projects and investments have failed which adds even more pressure on the SME’s and the working masses to cover the banks loses. The new order from the fat cat executives at the top is now to collect at all cost and in pursuing this heartless approach Citibank is milking loyal customers out of business during these tough economic times.
Friends of mine who have done business with Citibank over the past 10 years in Dubai can’t believe Citibank’s code of ethics and business conduct as the banks collection agents call and harass them daily.
My suggestion to those affected by this level of greed is: STOP doing business with BIG BANKS and save yourself the headache.