Citi begins offering retail services in Vietnam

Citi adds retail banking to its Vietnam franchise, allowing it to capture remittance flows and the growing private wealth business.

Citi has opened its first retail outlet in Vietnam, which means it can now serve individual consumers in Ho Chi Minh City, as well as the broader Vietnamese diaspora through remittance services.

The Citibank retail outlet is in Sunwah Tower in District 1 (or the central business area) of Ho Chi Minh City. It will offer a range of savings and personal investment products, including multi-currency deposits, interest bearing accounts and online transaction options. The branch also provides counter teller services and two 24-hour ATMs, which brings to five the number of Citi ATMs in the city. By the end of the year, another eight ATMs will be deployed. Customers will also have access to Citi's internet banking platform, Citibank Online, and over 980,000 ATMs worldwide.  

"We aim to set a new standard in premium banking in Vietnam," said Shirish Apte, chief executive officer of Citi Asia-Pacific, at a ceremony to mark the opening. "We believe in Vietnam's future and are committed to continue to invest here and actively participate in Vietnam's economic growth." 

Brett Krause, Citi country officer for Vietnam, added: "With our first retail branch, we are also introducing Citi's wealth management offering -- Citigold -- to Vietnamese consumers. The Citigold offering is characterised by personalised banking products and services, proprietary needs analysis, portfolio review and tracking, access to global research, and membership rewards and privileges."

"At this branch, we have 16 Citigold relationship managers and seven highly-trained and experienced banking service staff," said Krause. Citigold requires a minimum balance of $50,000 or more (the minimum requirement for opening a regular Citi account will be $5,000).

Citi has been in Vietnam since 1993, providing a full range of corporate and investment banking services. Including the new retail banking offering, Citi Vietnam employs over 200 people in Hanoi and Ho Chi Minh City.  

Citi's retail banking in Asia-Pacific serves more than 32 million customer accounts. With the addition of Vietnam, Citi retail banking is now available in 14 Asian markets, offering more than 600 branches and over 2,000 ATMs.

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