Citigroup, Vinalines Ink Financial Cooperation Deal
The Vietnam National Shipping Lines (Vinalines) and Citigroup clinched a financial cooperation agreement on November 16.
Under the deal, Citigroup will consult with Vinalines on the issuance of domestic and international bonds, corporate finance management, and arrange a loan worth some $200 million to help Vinalines develop its investment projects.
Vinalines, the largest shipping firm in Vietnam, needs around VND51 trillion (roughly $3.2 billion) for its development projects between now and 2010.
According to a source close to the company, Vinalines plans to mobilize capital from bank loans, shares and bonds, and from joint ventures with overseas partners.
Vinalines is now striving to complete the first phase of building infrastructure facilities for maritime transport services in three key economic regions in a bid to satisfy integration requirements.
Currently, Citigroup stands among the 100 best bank brands in the world according to a recent selection by the British Brand Finance.
“Citigroup is committed to playing a key role in helping Vietnam's capital markets develop further to support the country's long-term growth,” Jeremy Amias, managing director and head of fixed income Asia Pacific for Citigroup.
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