Announcement on VietinBank's formation of subsidiary in Germany

10/04/2012

On April 9th, 2012, the State Bank of Vietnam issued Decision 2019/NHNN-TTGSNH, accepting VietinBank’s formation of its subsidiary bank in Germany on the basis of transformation from Germany branch. Details are as follows:

 

1. Name in transactions: VieitnBank (Europe) Ltd.

2. Address:  Reuterweg 44, 60323 Frankfurt, Germany.

3. Total estimated investment: 50,000,000 Euro, of which 25,000,000 Euro is initial charter capital. VietinBank’s capital contribution in VietinBank (Europe) Ltd. will be reviewed and accepted by the State Bank of Vietnam if VietinBank meets safety ratios in banking at the time of review under the provisions of the Credit Institutions Act.

4. Operating time: Operating time of VietinBank.

5. Range of activities: Activities that VietinBank is allowed to perform according to the Law of Vietnam and in accordance with provisions of the Law of Federal Republic of Germany.