Citigroup has entered an agreement with EAB (Eastern Asia Bank) in Vietnam to access Vietnam's consumer finance, cards & corporate banking.
Citigroup has entered an agreement with EAB (Eastern Asia Bank) in Vietnam to access Vietnam's consumer finance, cards & corporate banking. As per Citigroup, the signed agreement is a 'memorandum of understanding' (MOU) with EAB that will connect EAB's 1,400-point card network with the global system of Citibank.
Both banks aim to work together on consumer finance and corporate banking assignments with Vietnam welcoming overseas banks that are attracted by over 7% economic growth in the country.
"We're looking forward to bring in opportunities for working together with Eastern Asia Bank in areas wherein we can combine the expertise and knowledge of both banks (Citibank and EAB) for developing further business in the country." said Citigroup's Catherine Weir.
Citigroup got approval in the month of February for setting up and providing trade and custody services to securities clients in Vietnam.
However, Citigroup has refused to comment on its plans of taking a stake in EAB. There're 60 branches and 400 ATMs of EAB in Vietnam. It plans to increase its registered capital from VND600Bn (presently) to VND 880Bn by the end of 2006.
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