Editors at Asiamoney have honored Citi for its strong corporate banking focus in Vietnam and named it “Best Corporate Bank 2022” in the 2022 Asiamoney Best Bank Awards for Vietnam.
“Citi is considered the main bank of choice for top-tier local companies, financial institutions, and the largest multinational companies in Vietnam in search of global reach and local expertise,” Asiamoney noted. The magazine also recognized Citi for having long served the Fortune 500 companies that have made the largest foreign direct investments in Vietnam, and has facilitated annual international trade flows of more than $90 billion in Vietnam.
On the corporate side, the publication recognized the bank’s innovative cross-country financial solutions for its clients. One example is Citi’s role as the sole lead arranger and lender on a $200 million, six-year, fixed-rate, dual-tranche secured amortizing loan for Bitel - a subsidiary of the Viettel Group in Peru. This landmark transaction showcased the breadth of Citi’s capabilities required to execute the deal, including a local presence and full banking capabilities in Peru, the US, and Vietnam, and its extensive syndication experience across different investor segments. Citi’s corporate loan book in Vietnam grew 36 per cent last year and is on track to increase further this year.
“We are honored to receive this recognition,” Mr. Ramachandran A.S., Vietnam Citi Country Officer, said of the award. “We are investing and growing across institutional businesses in the region, including Vietnam.” He also shared that Citi’s strategic initiatives have progressed very well. “The strategy is based on a better business mix, where we can realize synergies across our core interconnected businesses and do what’s needed to grow with our clients,” he added.
The award also highlighted Citi’s approach to ESG (environmental, social, and governance criteria). The bank has closed the first ever carbon offset project in Vietnam with a manufacturer of cookstoves and water purifiers. Citi is sourcing carbon credits from this project in Vietnam to distribute to companies and investors around the world who need to buy carbon credits.
“I am proud that Vietnam is home to the first carbon offset project that Citi launched,” he said. “Citi will expand its business of trading carbon offsets and green financing in Vietnam. We will continue to explore new ways for Citi to support Vietnam in the areas of foreign direct and indirect investment, digital transformation, and ESG.”