Citi becomes first U.S. retail banking service in Vietnam

The company has been in Vietnam since 1993, with branches in Hanoi and Ho Chi Minh City, but until Tuesday had offered corporate and investment services without retail banking.

“We believe in Vietnam's future and are committed to continuing to invest here and actively participate in Vietnam's economic growth,” Shirish Apte, chief executive of Citi Asia Pacific, said in a statement.

Citibank's new branch will also provide counter teller services, operate ATMs and provide wealth management services, it said.

British-based HSBC and Standard Chartered, as well as Australia's ANZ, already operate retail banking services in Vietnam.

Vietnam's population of about 86 million remains largely rural but the country is fast modernizing, presenting a vast potential market for both local and foreign banks.

The sector remains relatively undeveloped, with only 10 percent of the population using automated teller machines, The Saigon Times weekly reported earlier this year.

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