TienPhongBank opens and signs cooperation with BIDV and Citibank

TienPhongBank received its operating license in May 2008 and has practiced modern banking operations ever since, taking advantage of the edge in technology provided by its 3 co-founders: FPT, MobiFone and Vinare.

Mr. Trần Minh Tuấn, Vice Governor of the State Bank of Vietnam said: “TienPhongBank is a new bank, therefore it can apply risk management practices with ease, conduct and develop its risk management procedures in accordance with international norms. I believe this is an important undertaking that should be encouraged alongside with financial strength build-up, management capacity building, banking technologies advancement and banking personnel training”.

TienPhongBank’s agreement with BIDV will see cooperation in many different areas, including project financing, capital pooling, and other banking services. BIDV is the oldest commercial bank in Vietnam.

The cooperation framework between TienPhongBank and CitiBank Hanoi includes cooperation in basic banking practices such as cash management, commercial services, and online transactions.

TienPhongBank’s Hanoi Branch and offices are expected to go into operation in 1 month, followed by another Branch and offices in Hochiminh City. Branches in Danang, Can Tho, Haiphong will be established following the successful opening of its Branch and offices in Hochiminh City.

About TienPhongBank:

TienPhongBank founding members are the Corporation for Financing and Promoting Technology FPT, Vietnam Mobile Services (VMS) Mobifone, Vietnam National Reinsurance Corporation Vinare and stakeholders. The investment and cooperation brought about by these organizations give TienPhongBank an edge in information technology, mobile telecommunications technology, and finance.

TienPhongBank aims to be the bank of choice for customers, providing (1) advanced banking services for financial prosperity and ease of use, (2) friendly, caring service conforming to banking standards, (3) assurance, trust, and long-term commitment.

TienPhongBank has invested and successfully implemented I-flex’s Flexcube application, the leading core banking software in the world. This application allows for TienPhongBank’s network of offices to be connected and remotely managed from its headquarter. Beside implementing modern banking management methods in accordance with international standards, TienPhongBank is the first bank to implement ISO 9001:2000 quality control standards right from the start of operation.

Website: www.tpb.com.vn

About BIDV:

The Bank for Investment and Development of Vietnam (BIDV) was established in 1957, the oldest commercial bank in Vietnam.

BIDV is tasked with the supervision of major national projects. It is currently aiming to become a financial corporation with main operation in two areas: banking – insurance.

BIDV’s total asset in 2007 was VND 204.511 billion, of which total capital was VND 11.634 billion.

Website: www.bidv.com.vn

About Citibank:

Citibank is the world leading financial service corporation, with over 200 million client accounts and business operations in over 100 countries and territories.

Citibank was the first American financial institution to go into operation in Vietnam in 1994 and also the first American bank to open a branch in Hanoi in 1994. In 2001, Citibank was the first bank to put forth online banking services in Vietnam. It has been repeatedly dubbed by the Vietnam Economic Times and other leading Asian financial prints as the best foreign bank in Vietnam, Best Cash Management and Foreign Exchange Trading Bank in Vietnam over the past 6 years.

Website: www.citigroup.com or www.citi.com

For additional information, please contact:

Ms. Dương Việt Hồng
PR Specialist – Deputy Head of PR/Marketing Division
Tel.: 08-4-7688998 (ext: 6181)
Mobile: 0904099913
Email. [email protected]