Citibank (NYSE: C) has been selling off some of its business units in order to generate new capital and focus on its core business of retail banking, including newly expanded retail banking services in Vietnam.
Citibank added its first retail outlet in Ho Chi Minh City in Vietnam. This bank will allow Citibank to capture remittance flows and earn money from Vietnam’s quickly growing private wealth business. The new retail bank will allow Citibank to attract customers in Ho Chi Minh City and in broader areas of the Vietnamese diaspora, through its remittance services.
Citibanks new retail outlet will be located in the Sunwah Tower in Ho Chi Minh City’s central business district, known in the area as District 1. The new retail banking outlet will offer a wide variety of savings and personal investment products, including deposits accounts with multiple currencies, interest bearing accounts and online transaction accounts. The bank will also provide two-24 hour ATMs and counter teller service. By the end of 2009, Citibank plans to have 13 ATMs throughout Ho Chi Minh City. Customers of the branch will also have access to Citibank’s online services and 980,000 ATMs worldwide.
Citi’s country officer for Vietnam, Brett Krause, stated “With our first retail branch, we are also introducing Citi’s wealth management offering — Citigold — to Vietnamese consumers. The Citigold offering is characterized by personalized 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.”
Citibank has been operating in Vietnam since 1993, offering a range of corporate and investment banking services for Vietnamese businesses. Citi Vietnam currently employs over 200 people in Hanoi and Ho Chi Minh City.
