Citibank has told The Associated Press that it will close all its branches except one following a threat by Iran to target financial institutions in the region, reports Al-Jazeera.

Reuters, citing an internal memo, said Citibank told its staff to evacuate offices in the Dubai International Financial Centre (DIFC) and Dubai’s Oud Metha neighbourhood and to work from home until further notice.

The agency said Standard Chartered has also begun evacuating its offices in Dubai.