24 Oct 2010

Citibank plans to establish subsidiary bank in Vietnam

The general manager of Citibank Vietnam Brett Krause lately announced that the US bank was carrying out promotion to set up its 100 percent foreign-owned subsidiary bank in Vietnam.

Citibank has recently offered banking products and services for individual customers, that was considered one of the bank's movement to realise the fore-mentioned goal. On October 15, Citibank officially offered retail banking services for individual customers in Hanoi, including high-class individual asset management services of Citigold.

The bank started offering Citigold services for customers in HCM City one year ago. This service was designed for the customers whose minimum balance amount in their account was maintained at over $50,000.

In a press release offered by bank's general manager in Vietnam said the current movement of launching individual banking services in Hanoi was the starting point of the bank's business expansion plan. In the coming months, Citibank will offer additional high-end banking products and services.

Hoang Thanh Ha, Citibank Vietnam's manager for external relations said that in the next few months, the bank would launch new card products and lending products for individual customers.

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