Business

Bank ties in with Citi

Citibank announced on July 12 that it had signed a memorandum of understanding with Vietnam Development Bank (VDB) to cement a long-term partnership in areas of funds raising, international banking, treasury services, cash management and training.
Citibank announced on July 12 that it had signed a memorandum ofunderstanding with Vietnam Development Bank (VDB) to cement a long-termpartnership in areas of funds raising, international banking, treasuryservices, cash management and training.

Thepartnership will provide VDB access to Citibank's international fundingand capital-market channels, its global technology and innovationplatform, 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 Hanoi-Hai Phong expresswayproject.

Gary Chan, managing director and head ofGlobal Banking for Vietnam said: "The Vietnam Development Bank, theGovernment's development arm, plays an instrumental role in the economicdevelopment of the nation.

"A fully-fledgedpartnership between Citibank and VDB will immediately create a number ofopportunities for both partners."

In 1993, Citibankwas the first US financial institution to receive a branch licence inVietnam. It has since built a strong presence as the leadingforeign bank.

It continues to be the bank of choicefor many multinational companies that have investments in Vietnam.

The most recent example was the highly successful 1billion USD sovereign bond for the Government of Vietnam./.
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