Vietinbank to open first German subsidiary

Tuesday, April 10, 2012 12:33

The Vietnam Joint Stock Commercial Bank for Industry and Trade(VietinBank) has received approval in principle from the State Bank ofVietnam to start up a subsidiary company in Germany with a totalinvestment of about 50 million EUR.

The new company, called Viettinbank Europe, will be located at 44 Reuterweg, in Frankfurt .

The new subsidiary was originally a branch of Vietinbank which first opened in Germany in September 2011.

Viettinbank is required to complete all the legal formalities, installnew facilities and recruit personnel to get the subsidiary intooperation within 24 months.

VietinBank was firstestablished in 1988 after being separated from the State Bank ofVietnam and is one of the four largest State-owned commercial banks inVietnam . Its total assets account for over 20 percent of the marketshare of Vietnam ’s banking sector.

To date, thebank has built up an operational network of one transaction centre, 149branches, 527 transaction offices, two representative offices and foursubsidiaries.-VNA

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