Citibank’s big achievements see rewards
Citibank’s big achievements see rewards
Citibank has been named Best Foreign Commercial Bank in Vietnam by a prestigious Hong Kong-based financial publication.
The award was presented last week by FinanceAsia, a Hong Kong-based publication reporting on Asia’s financial and capital markets, as part of their Country Awards for Achievement 2013.
According to FinanceAsia, Citibank has consolidated its position via a number of landmark transactions for local clients, both corporate and state, including Vietnam Airlines, Vinacomin, PetroVietnam and the National Power Transmission system.
In addition to arranging financing, the US bank has also innovated the use of swaps to help companies achieve better pricing and liquidity on trade financing and other deals.
Although liquidity swaps are routinely traded offshore, Citibank has worked with the regulators and stock exchange to bring these tools onshore, with the underlying asset denominated in dong. The bank assumes the foreign exchange risk to provide dollar-denominated financing and allows companies to generate liquidity on the back of their local shares – thereby creating cheaper financing than may be available traditionally.
“I am exceptionally pleased that Citibank Vietnam has been named Best Foreign Commercial Bank in Vietnam by FinanceAsia in its Country Awards for Achievement 2013. Coming after winning Asset Magazine’s Best Bank in Vietnam award early this year, this confirms Citibank Vietnam’s industry-leading position in the country, innovative spirit, unparalleled products and relentless commitment to serving our clients,” said Brett Krause, Citibank Vietnam country officer.
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