Citigroup Inc. on Oct 13 opened its first retail banking branch in Vietnam, becoming the first US financial institution with retail operations in the country.

The new branch, located in Ho Chi Minh City, will provide deposit services to individual clients and remittance services to those with relatives studying and living abroad, especially in the US.

Available at the branch are also counter teller services and two 24-hour ATMs, which bring to five the number of Citibank ATMs in the city. By the end of the year, a further eight ATMs will be deployed.

Citibank becomes the fourth foreign bank with retail operations in Vietnam after HSBC Holdings PLC, Australia and New Zealand Banking Group Ltd. (ANZ) and Standard Chartered PLC.

"We believe in Vietnam's future and are committed to continuing to invest here and actively participate in Vietnam's economic growth," Shirish Apte, Chief Executive of Citi Asia Pacific, said in a statement.

Meanwhile, Brett Krause, Citibank country officer for Vietnam, said: “With our first retail outlet, we are also introducing Citis wealth management offering – Citigold – to Vietnamese consumers.”

Citigroup started operations in Vietnam in 1993. The new branch will be Citigroup's third in the country, after wholesale branches in Hanoi and Ho Chi Minh City, the bank said./.