Citigroup links up with Thailand state bank http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-11-27T051018Z_01_T157563_RTRIDST_0_CITIGROUP-GOVERNMENTSAVINGS.XML&rpc=66&type=qcna
Mon Nov 27, 2006
HONG KONG, Nov 27 (Reuters) - Citigroup Inc. (C.N: Quote, Profile, Research), the world's largest financial services group by market value, has teamed up with Thailand's state enterprise bank to help it set up an international business, the companies said on Monday.
Citigroup said it has been working with Government Savings Bank (GSB) for the last six months, as the Thai lender aims to start offering trade services, international funds transfers and foreign exchange services by early next year.
Through a memorandum of understanding, GSB will use Citigroup's Internet banking network, CitiDirect, to expand beyond its 590 domestic branches. Citigroup has recently been forging ties with lenders in Southeast Asia, and it signed an agreement with Vietnam's Eastern Asia Commercial Bank in September to access that country's cards, consumer banking and corporate banking markets.
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