Citi bank to set up subsidiary in VN

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Citi bank is expected to receive the letter of acceptance from SBV Governor Nguyen Van Binh in a signing ceremony at the headquarter of the U.S. Trade Representative in Washington D.C, the U.S., according to Citi Viet Nam's press release on July 8.

According to the SBV, five 100%-foreign-invested banks are operating in Viet Nam.

Party General Secretary Nguyen Phu Trong will attend the signing ceremony along with other high-ranking officials and business leaders from the two countries. The event is meaningful in the context that the two nations are celebrating the 20^thanniversary of normalization of diplomatic ties.

Ms. Natasha Ansell, Citi Vietnam’s Country Officer, said that the US-based global bank with operations in over 100 countries had expressed its intentions to the State Bank to seek a license to operate as a wholly-owned subsidiary in the country in light of the country’s economic progress.

She believes that the new structure will foster Citi’s contribution and development to Viet Nam’s banking industry as well as consolidate and strengthen operational platform to further support local and international clients of Citi in Viet Nam.

Citi operated in Vietnam as the First National City Bank in 1972-1975 and resumed its business in 1993 with a representative office in Ha Noi. It was the first US bank licensed to open a branch with full services, in Ha Noi in 1994, followed by a second in Ho Chi Minh City in 1998.

With more than 700 employees, Citi offers a wide range of banking services including corporate and investment banking, treasury and trade services, market and securities services, and consumer and commercial banking.

By Thuy Dung