Citibank Allowed to Handle Securities Depository

Citibank Vietnam, owned by Citigroup, one of the world’s largest financial institutions on January 5 was licensed by the State Securities Commission to provide the securities depository service.

 

Accordingly, Citibank Vietnam will be allowed to handle securities deposit activities for both domestic and foreign organizations and individuals, and handle the registration, deposit, clearing and settlement of traded securities to support securities transactions.

 

Citibank is one of a number of foreign commercial banks in Vietnam, operating two affiliates in Hanoi and Ho Chi Minh City providing clients in Vietnam banking services including short- and medium-term loans, cash management, trade finance and trade services, foreign exchange, hedging products, project and structured finance, and issuing corporate advise to corporate and institutional customers.

 

Specifically, Citibank provided commercial assistance solutions in the case of trading Boeing aircrafts to the country’s national air carrier, Vietnam Airlines.

 

To date, apart from 14 securities companies, six banks are also allowed to provide the service, including Ho Chi Minh city-based The Hong Kong and Shanghai Banking Corporation (HSBC), Hanoi-based Standard Chartered Bank, Ho Chi Minh city-based Deutsche Bank AG, the Bank for Foreign Trade of Vietnam (Vietcombank), the State-owned Bank for Investment and Development of Vietnam (BIDV) and Hanoi-based Citibank.
Securities Investment, Vietnam Panorama