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Citibank Vietnam to operate normally: Managing director   2009-02-03 - TBKTVN

Citi Vietnam’s Managing Director Brett Krause has affirmed that Citibank in Vietnam will maintain normal operations after the split of Citigroup into two parts.


Photo: Reuters

In a recent talk with local newspaper Thoi bao Kinh te Vietnam, Mr Brett Krause said that Citi had been restructured, and now had two parts: Citicorp and Citi Holdings. The new structure will help Citi to focus on pushing up key business activities. Citibank Vietnam belongs to Citicorp.


Mr Krause affirmed that the restructuring will in no way affect Citibank Vietnam’s clients. The clients still can use the high-quality services provided by the bank as usual.


“We commit to serve clients with our greatest possible efforts,” he said.


When asked why Citigroup restructured, Mr Krause said that Citi needed to reorganise into two operating units to maximise the value of the core franchise. The separation of businesses will help enhance future earning power and streamline organisation.


He has denied the opinion that the separation means that Citi is being sold part by part. He said that the new structure has been created in order to turn Citi into a group which can get more profit, have fewer risks and attain higher growth rates than previously.


He went on to say that the reorganisation of business fields will allow Citi to focus more on key business fields.


He affirmed that he cannot see any changes or influences of the restructuring on business in Vietnam, which has been running very well.


“Our business activities belong to Citicorp, and Citibank Vietnam will maintain normal operations,” he said.

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