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Citigroup partners with a Vietnamese bank

Citigroup partners with a Vietnamese bank

(12 September 2006 – Hong Kong) Citigroup has signed an agreement with Vietnam’s Eastern Asia Commercial Bank which will allow the US based institution to gain entry into various parts of Vietnam’s fast growing banking markets. Under the agreement, Citigroup and Eastern Asia Commercial Bank will work together on a range of consumer finance, bank card and business banking initiatives.

In particular, the agreement will allow for Eastern Asia Commercial Bank’s 1,400 bank card terminals to be included into Citigroup’s global network.

Vietnam has attracted some recent attention among foreign banks as the country prepares to join the World Trade Organisation later this year. World Trade Organisation accession is expected to bring about some freeing up in financial markets regulation and make the country’s fast growing banking markets even more alluring to foreign investors.

Last week, ANZ and HSBC were reported to be looking to increase their stakes in Vietnamese banks, ahead of the potential lifting of ownership limits by the State Bank of Vietnam.
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