The subsidiary was first opened in Germany in September 2011.
The new company, called Vietinbank 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.
Vietinbank 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 SBV and is one of the four largest State-owned commercial banks in Vietnam. Its total assets account for over 20% 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.