Citi Awards Highlight the Increasing Sophistication of Vietnamese Banks
Hanoi - May 20, 2010 – Citi Vietnam today awarded 22 banks in Vietnam for their achievements in advanced global payment capabilities. This is the 8th year in a row that the Citi Straight Through Processing (STP) Awards Program recognizes local banks based on the straight through processing (STP) rate, a rate assigned for accuracy in electronic transfers, which is at least 90%.
This year's winners include four state-owned commercial banks and 18 joint stock banks.
- Joint Stock Commercial Bank for Foreign Trade of Vietnam
- Vietnam Bank for Agricultural and Rural Development
- Vietnam Joint Stock Commercial Bank for Industry and Trade
- An Binh Commercial Joint Stock Bank
- Vietnam International Commercial Joint Stock Bank
- Military Commercial Joint Stock Bank
- Vietnam Technological and Commercial Joint Stock Bank
- Petrolimex Group Commercial Joint Stock Bank
- Vietnam Maritime Commercial Stock Bank
- Vietnam Joint Stock Commercial Bank for Private Enterprises
- Southeast Asia Commercial Joint Stock Bank
- Bank for Investment and Development of Vietnam
- Hanoi Building Commercial Joint Stock Bank
- Asia Commercial Joint Stock Bank
- Hochiminh City Housing Development Joint Stock Bank (HDBank)
- Saigon Thuong Tin Commercial Joint Stock Bank
- Nam Viet Commercial Joint Stock Bank
- Orient Commercial Joint Stock Bank
- DongA Commercial Joint Stock Bank
- Indovina Bank
- Southern Commercial Joint Stock Bank
- Housing Bank of Mekong Delta
The award ceremony also included a full day seminar under the themes of "connection". At the seminar, representatives from winning banks as well as the State Bank of Vietnam discussed partnership opportunities such as Financial Institutions (FI) Network Trade Connectivity, Network richness, and technical campaigns. The seminar also devoted time for trade services updates including risks participation and supply chain solutions.
"This award highlights the increasing sophistication of Vietnamese banks. I am happy to see that each year we have more winners who have shown that they have improved service quality and apply international quality standards," said Brett Krause, Managing Director, Citi Country Officer for Vietnam.
"Citi is more than willing to share our expertise and experience to help develop the banking sector of Vietnam. Our global transactions business, the cash management and trade finance businesses coupled with our strong FX markets capabilities, are really second to none across the region and we're able to deliver that very effectively in Vietnam," said Krause.
Citi offers its market leading payment system services to clients in Vietnam. These include the Express Wire service which offers two-hour delivery of intra Asia funds and Citi's Payment Investigation Manager, which provides an automated online system which help clients track transactions 24/7. Citi was the first foreign bank in Vietnam to provide an E-banking support system (Payment Flow Manager) that helps International Payments divisions monitor transactions.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Citi in Vietnam
Citi is the leading foreign bank in Vietnam with branches in Hanoi and Ho Chi Minh City and a nationwide partnership network that covers all of Vietnam's 64 provinces. Citi offers a wide range of banking services in Vietnam including Retail Banking, Corporate Banking, Investment Banking and Global Transaction Services, including Trade and Treasury Services, and Securities and Fund Services.
Citi combines its global presence and resources along with a large local footprint to offer innovative solutions to meet the evolving needs of our clients both in Vietnam and those looking to invest in Vietnam. Citi has made a long-term commitment to Vietnam and has played a key role in assisting in the development of Vietnam's financial markets.
Citi was the first US financial institution to receive a branch license and the first US bank to open a full branch in Hanoi in 1994.