Citigroup to launch Securities Services in Vietnam

Recently, Citigroup Corporate and Investment Bank had announced it will provide clients with direct custody and clearing securities services in Vietnam as part of its long-term growth plans to meet the needs of its clients in securities services worldwide. Vietnam is one of three countries in Asia and Europe scheduled to provide direct custody and clearing securities services by first quarter 2006.

 

Mr Nguyen Doan Hung, Vice Chairman of the State Securities Commission said that, “As Vietnam’s securities market continues to grow, we believe that Citigroup will contribute more to the development of the market not just by expanding their customer base but also by serving as a supervisor and asset safe-keeper for institutional investors in Vietnam.”

 

Staffed by locals and supported by an international team, Citigroup is responding to the significant number of new opportunities in the fast-growing and dynamic Vietnamese marketplace. Citigroup will offer its clients the same high quality standard of service, technology and support already provided to its clients around the world, a service that has been consistently top-rated in Global Custodian’s Agent Bank and Global Investor’s annual surveys.

Margaret Dawson, Asia Pacific Region Head of Securities Services for Citigroup’s Global Transaction Services, said: “Vietnam is a market with exciting opportunities for both local and international investors. The economy is developing rapidly and Citigroup through our expanded services aims to support the needs of these investors. This addition to our securities services network further enhances our reach and coverage within Asia Pacific, expanding the network to 15 countries. Clients can expect the same high level of service and innovation we provide in Asia Pacific and elsewhere, with access to our local market expertise through our offices in Hanoi and Ho Chi Minh.