Citi, HDBank Sign Deal to Expand Financial Services Cooperation
Citigroup and Ho Chi Minh City Development Joint Stock Commercial Bank, or HDBank, have signed a memorandum of understanding to expand cooperation in banking and financial services.
The agreement was signed last week in New York during a visit to the United States by a high-level Vietnamese delegation attending the 81st Session of the United Nations General Assembly.
The two banks plan to work together in areas including treasury and risk management, capital markets, trade finance, payments, foreign exchange and derivatives. They also plan to share market expertise and hold training programs and workshops.
The agreement combines HDBank’s knowledge of the Vietnamese market with Citi’s international network and financial services, the banks said.
Access to Overseas Markets and Financing
The cooperation is intended to help Vietnamese companies access overseas markets and financing and expand their cross-border business.
«It is a privilege to sign the MOU during this important visit to the United States,» said Minh Ngo, Citi’s country officer and banking head for Vietnam. He said the agreement would support Citi’s long-term work in Vietnam’s financial sector and create opportunities for the two banks to work together in areas where Citi has expertise.
Nguyen Huu Dang, HDBank’s chief executive officer, said the partnership would expand the bank’s network of international financial partners and improve its ability to connect Vietnamese businesses with overseas capital and markets.
The MOU provides a framework for Citi and HDBank to identify specific areas of cooperation in the future.
