Government Savings Bank in Thailand Partners with Citigroup to Establish Its International Banking Business
Thailand, Hong Kong, Singapore, London, New York, November 27 Government Savings Bank (GSB), Thailand's state enterprise bank, recently signed a Memorandum of Understanding with Citigroup in Thailand, for Citigroup to help establish its International Banking business. GSB and Citigroup have been working together for the last 6 months with a target live date early next year.
Citigroup has provided knowledge and training to GSB and its staff to help establish an international banking business. GSB's international banking business will offer trade services, international funds transfers and foreign exchange services.
Through the agreement GSB will utilize Citigroup's global infrastructure and expertise to provide a best in class international banking business with access to over 100 countries. GSB will leverage Citigroup's award winning internet banking platform, CitiDirect. Based on Citigroup's existing HUB processing and online capabilities, GSB will be able to structure a cross-border solution that will achieve synergy between its own domestic strengths and Citigroup's dominant position in the regional and global international trade business.
Mr. Goanpot Asvinvichit, Government Savings Bank President and CEO said, "We aim to be a competitive, secure and reliable financial institution and as such are seeking ways to improve our business efficiency and coverage both locally and internationally. This partnership with Citigroup will enable us to establish an international business efficiently and cost effectively utilising Citigroup's global infrastructure and expertise. We hope the benefits from this partnership will not only allow us to attain global reach, but enable us to support our local customers' international banking requirements."
Speaking about the partnership, Mr. Gary Newman, Citigroup Country Officer Thailand said, "We are deeply honored to be awarded this mandate by GSB as their partner of choice. It clearly demonstrates the trust between our two organizations and underlines Citigroup's leadership in the cash management, trade services and foreign exchange businesses in Asia and globally. We look forward to continuing to work with the Government savings Bank in Thailand."
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com
About Citigroup Corporate and Investment Banking
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 Government Savings Bank (GSB)
Government Savings Bank (GSB) is Thailand's leading state-run bank under supervision of Ministry of Finance. For over 90 years of operation, the Bank has 590 branches across the country, holding almost 30 million savings accounts, providing a wide range of financial products and services, including consumer banking, micro credit and corporate loans, insurance and international banking business. Additional information can be found at www.gsb.or.th