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Citibank Vietnam committed to quality service
A strong revenue stream, good access to capital sources, a high level of liquidity and a competent workforce are some of the factors behind Citibank Vietnam being able to continue offering the highest-quality services in Vietnam , said general director of the bank Brett Krause.
He made this statement following a move by the US Department of Treasury, Federal Reserve (FED) and the Federal Deposit Insurance Corp. (FDIC) to commit $306 billion of U.S. government guarantees for troubled mortgages and toxic assets controlled by Citigroup Inc., of which Citibank Vietnam is a subsidiary.
Under the Troubled Asset Relief Programme (TARP), Citigroup will also receive a 20 billion USD cash injection from the US Treasury Department. In return for the cash and guarantees, the US government will receive a portion of Citigroup’s preferred shares, paying an 8 percent dividend.
This means that Citigroup will have increased access to FED’s Primary Dealer Credit Facility, Discount Window and Commercial Paper Funding Facility, as well as FDIC’s Temporary Liquidity Guarantee Programme, Krause said.
Citibank resumed its operations in Vietnam in 1993, opening branches in Hanoi and Ho Chi Minh City and became the first bank in Vietnam to launch Internet Banking in 2001.
VNA
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