The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has received approval in principle from the State Bank of Vietnam to start up a subsidiary company in Germany with a total investment 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, install new facilities and recruit personnel to get the subsidiary into operation within 24 months.

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

To date, the bank has built up an operational network of one transaction centre, 149 branches, 527 transaction offices, two representative offices and four subsidiaries.-VNA