Bank ties in with Citi
HA NOI — Citibank announced on Monday it had signed a memorandum of understanding with Viet Nam Development Bank (VDB) to cement a long-term partnership in areas of funds raising, international banking, treasury services, cash management and training. The partnership will provide VDB access to Citibank's international funding and capital-market channels, its global technology and innovation platform, and its broad spectrum of products and services.
One of the projects being worked on is an agency backed, long-term finance facility to support the Ha Noi-Hai Phong expressway project.
Gary Chan, managing director and head of Global Banking for Viet Nam said: "The Viet Nam Development Bank, the Government's development arm, plays an instrumental role in the economic development of the nation.
"A fully-fledged partnership between Citibank and VDB will immediately create a number of opportunities for both partners."
In 1993, Citibank was the first US financial institution to receive a branch licence in Viet Nam. It has since built a strong presence as the leading foreign bank.
It continues to be the bank of choice for many multinational companies that have investments in Viet Nam.
The most recent example was the highly successful US$1 billion sovereign bond for the Government of Viet Nam. — VNS