[-] CITI WINS MANDATE TO ARRANGE USD200 MILLION NEXI LOAN FOR VINACOMIN - Press Releases | Vietnam Panorama News | Vietnam Panorama company

Hanoi – Citi today announced that it has secured a mandate to arrange a term-loan facility of USD200 million for Vietnam National Coal Mineral Industries Group (Vinacomin) to finance the Lam Dong Bauxite Alumina Project in Vietnam. The 13-year loan will be supported by the Overseas United Loan Insurance of Nippon Export and Investment Insurance (NEXI), and guaranteed by the Ministry of Finance of Vietnam. The mandate signing ceremony took place yesterday in Washington DC in the presence of Vietnam Prime Minister Nguyen Tan Dung.

Brett Krause, Managing Director and Citi Country Officer for Vietnam, said: “We are very honored to have been selected by Vinacomin to bring this kind of innovative export agency financing solution to serve Vinacomin's business and development needs. Citi's experience in arranging NEXI-backed transactions is exceptionally strong; for over a decade, Citi has partnered with NEXI in the successful arrangement and execution of 36 deals with a total value of nearly USD6 billion." Citi is a leading arranger of export credit agency covered facilities globally.

Citi's Export and Agency Finance products serve banks, corporations and development agencies, primarily in emerging markets in Africa, Latin America, the Middle East and Asia Pacific. They also help to address infrastructure development needs in the areas of oil and gas, power, shipping, housing and energy. Citi has partnered with more than 60 Export Credit Agencies, including Ex-Im in the United States, and Multilateral Finance Institutions, lending our global reach to support these institutions’ capabilities in many challenging regions of the world.

Vinacomin is the largest coal producer in Vietnam with 90% production capacity in 2008, and is the world’s largest exporter of anthracite coal accounting for over 90% of global sales. It is engaged in a wide range of businesses categorized by its core business of coal, minerals, and power as well as non-core businesses of explosives, machinery production, cement production, building materials and other services. The coal business accounts for approximately 78% of Vinacomin’s revenues while the minerals and power businesses each accounts for approximately 3% and 2%, respectively, for the year ended 31 December 2008. Future growth of the minerals and power businesses is expected to result in a more diverse mix in the company’s revenues. Vinacomin currently has 29 open-pit mines and 20 underground mines with a total capacity of 47-50 million tons.

Citi:

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

Citi in Vietnam:

Citi is the leading foreign bank in Vietnam with branches in Hanoi and Ho Chi Minh City and a nationwide partnership network that covers all of Vietnam’s 64 provinces. Citi offers a wide range of banking services in Vietnam including Retail Banking, Corporate Banking, Investment Banking and Global Transaction Services, including Trade and Treasury Services, and Securities and Fund Services. Citi combines its global presence and resources along with a large local footprint to offer innovative solutions to meet the evolving needs of our clients both in Vietnam and those looking to invest in Vietnam.

Citi has made a long-term commitment to Vietnam and has played a key role in assisting in the development of Vietnam's financial markets. Citi was the first US financial institution to receive a branch license and the first US bank to open a full branch in Hanoi in 1994.