The State Bank of Vietnam (SBV) has agreed in principle to allow the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) to set up a subsidiary bank in Germany.
The Vietinbank (Europe) Ltd is located at No. 44 on Reuterweg street in Frankfurt am Main city, with an estimated capitalization of Euro 50 million.
Before operating with its charter capital of Euro 25 million, it will have to complete legal procedures in line with Germany’s regulations in 24 months dating from April 9.
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