17:15 | 12/03/2019 Economy
The growth in 2018 came through Citi’s Best for Our Clients payed dividends and Asia-to Asia flow strategy.
In 2018 Citi’s continued focus on being the Best For Our Clients payed dividends as the bank maintained its dominance in capital markets and corporate banking, where Citi arranged a number of landmark long-tenor transactions. Some of the recent mandates completed by Citi Vietnam include Joint Global Coordinator and Joint Bookrunner for Vinhomes’ US$2.2 Billion capital raising and global coordinator on the biggest initial public offering (IPO) in the history of Vietnam, raising over US$740 million equivalent for Vincom Retail’s existing shareholders.
Citi remained lazer focused on deepening and widening its relationship with all segments of the Corporate Bank including leveraging on our global network and country desks to serve the subsidiaries of multinational and commercial banking clients doing business in Vietnam, top Vietnamese companies, and other financial institutions.
In the last two years, Citi set up a Japan Desk and a Korea Desk in Vietnam to serve Japanese and South Korean corporate clients, as part of Citi Asia Pacific’s strategy to better connect its global network to Asian clients and capture a greater share of Intra-Asia Flows.
“We are capturing these opportunities and more through an intensified partnership across the Institutional Client Group (ICG), ensuring that clients are serviced across the full spectrum of Citi’s capabilities in institutional banking,” said Mr. Pham Huu Hai, Citi Vietnam’s Corporate Bank Head. “The Asia desk strategy is effective in successfully supporting the local needs of our multinational clients.”
Areas of Citi Vietnam’s growth included businesses such as Treasury & Trade Solutions (TTS) where 2018 average assets were up 53% YoY and Markets and Securities Services [MSS].
In October 2018, Citi announced the launch of Commercial Cards in Vietnam, offering a comprehensive suite of innovative payment solutions for corporate clients. Citi is the first bank in Vietnam to offer Virtual Card Accounts, a next-generation global digital payments solution.
In Consumer banking, Citi retained leadership in technology providing an extensive platform across online and mobile banking. With these comprehensive digital capabilities, Citi Vietnam became the first country globally to accomplish the milestone of 100% penetration with clients for e-Statements. In 2018 the bank recorded 82% YOY growth in downloads of the Citi Mobile® App. Citi’s customers show strong engagement, with the number of those who actively use the app increasing by 47% YOY. As a testimony to the quality of Citi’s value propositions, Consumer Credit cards accomplished a highly prestigious #1 Net Promoter Score (NPS) result. NPS is a metric for assessing customer loyalty for a company's brand, products or services.
Underlying growth and continued investment to support clients, Citi’s branch in Hanoi recently moved to a new office at Horison Tower, 40 Cat Linh street, Dong Da District. The relocation is a great new chapter for Citi in Hanoi. Customers have great experience to interact with the bank in a spacious and comfortable branch. Being the best for clients is the ultimate goal of Citi Hanoi office relocation project.
Citi Vietnam garnered multiple prestigious industry awards in 2018 reflecting results of their focus on Being the Best for Clients. In 2018, Citi won the Best Bank by The Asset Magazine, Best Sub-custodian Bank, Best IPO (Vinhomes US$1.35 billion IPO, Citi is global coordinator and bookrunner), Best M&A (Hanwha Asset Management US$400 million strategic investment into Vingroup, Citi is financial adviser). At the same year, Citi Vietnam was also awarded Best Digital Bank by Asiamoney, Best Service Bank by Vietnam Economic Times, and Best Digital Bank for Corporate/Institutional Banking by Global Finance.