Global financial institutions are temporarily closing branches in the United Arab Emirates (UAE) and instructing staff to work from home after the Iranian military flagged US-Israeli economic and banking interests in the region as targets.

The threats from the Iranian military were issued after the branch of Tehran-based Sepah Bank was bombed on Wednesday (11 March).

Citibank UAE issued a statement saying its branches and financial centres will be temporarily closed from 12 March to 14 March as a precautionary measure, with the exception of its branch in Mall of the Emirates, Dubai.

“We anticipate reopening all affected locations on March 16,” the statement said.

HSBC has also temporarily closed its three branches in Qatar and is telling staff to work from home.

“The safety of our colleagues and customers remain our top priority,” a spokesperson said. “We are actively following government guidelines alongside our internal plans to manage working arrangements. We are communicating safety advice with colleagues as appropriate."

In a statement on HSBC’s website, group CEO Georges Elhedery said: “Our thoughts are with all those affected by current events. HSBC remains steadfast in our confidence in the GCC and in the long-term strength, resilience and promise of the region. Our conviction in the GCC's fundamentals and its future is unchanged. The region has repeatedly shown its ability to endure periods of disruption, adapt with determination, and emerge stronger.

“We continue to believe that the years ahead will bring renewed stability, growth, and prosperity. HSBC has been deeply committed to the region for more than 130 years. We remain invested in its future and in the opportunities that lie ahead for its people, businesses, and economies. We are fully engaged in supporting our colleagues, customers and partners across the region.”

Meanwhile Standard Chartered has extended its working from home arrangements until further notice but is continuing to operate as normal.

A spokesperson for the bank said: “At Standard Chartered, our focus is the safety and wellbeing of our colleagues in the Middle East. With this in mind, we are maintaining normal client service under work-from-home arrangements.

“While we will continue to monitor the situation, we remain clear that the UAE and our other Middle East markets remain an important part of our global network, through which we continue to support clients navigating a complex and fast-moving environment.”