Citicorp has returned to Ho Chi Minh City, becoming the first U.S. bank to reopen a branch office in the former Saigon.
The move comes three years after the bank opened a branch in Hanoi, the Vietnamese capital. Citicorp deals mainly with multinationals, large local companies, and local financial institutions in Vietnam, providing loans, cash management, and related transactions such as trade finance and foreign exchange. The Ho Chi Minh City branch will also have automated teller machines allowing cash withdrawals 24 hours a day.
Citicorp officials said the current financial upheaval in neighboring Asian countries will not have an impact on the bank's long-term plans in Vietnam.
"Vietnam is a growing market and in need of strong financial support," said Bradley Lalonde, country manager for Vietnam.