Citigroup to launch Securities Services in Vietnam
February 28, 2006 — Global Transaction Services, a business unit of Citigroup Corporate and Investment Bank, announced today it will provide clients with direct custody and clearing securities services in Vietnam as part of its long-term growth plans to meet the needs of its clients in securities services worldwide. Vietnam is one of three countries in Asia and Europe scheduled to provide direct custody and clearing securities services by first quarter 2006.
Staffed by locals and supported by an international team, Citigroup is responding to the significant number of new opportunities in the fast-growing and dynamic Vietnamese marketplace.
Citigroup will offer its clients the same high quality standard of service, technology and support already provided to its clients around the world, a service that has been consistently top-rated in Global Custodian’s Agent Bank and Global Investor’s annual surveys.
Margaret Dawson, Asia Pacific Region Head of Securities Services for Citigroup’s Global Transaction Services, said: “Vietnam is a market with exciting opportunities for both local and international investors. The economy is developing rapidly and Citigroup through our expanded services aims to support the needs of these investors. This addition to our securities services network further enhances our reach and coverage within Asia Pacific, expanding the network to 15 countries. Clients can expect the same high level of service and innovation we provide in Asia Pacific and elsewhere, with access to our local market expertise through our offices in Hanoi and Ho Chi Minh. “
Charly Madan, Citigroup’s Country Officer for Vietnam, concluded: "Citigroup already has a well-established and successful franchise in Vietnam. With a presence since 1993, we are one of the largest foreign banks in Vietnam. The launch of direct custody and clearing securities services reflects our continued commitment to serve our clients both locally and internationally with an expanded product offering, helping them achieve greater efficiency and profitability".
About Citigroup Corporate and Investment
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.
About Citigroup in Vietnam
Citigroup has had a presence in Vietnam since 1993. With two branches in Hanoi and Ho Chi Minh City and more than 140 dedicated staff, Citigroup is one of the largest foreign financial institutions in the country offering a full range of corporate banking services including short- and medium-term loans, securities services, cash management, trade finance and trade services, foreign exchange, hedging products, project and structured finance, and corporate advisory to corporate and institutional customers.