Vietinbank to open representative offices in Germany in Q2

VGP - The Việt Nam Bank for Industry and Trade (Vietinbank) will establish its representative offices in the two German cities of Frankfurt and Berlin in the early second quarter, becoming the Vietnamese bank to penetrate into the European market.

February 25, 2010 10:42 AM GMT+7

Vietinbank’s building in Hồ Chí Minh City

Vietinbank CEO Phạm Huy Hùng revealed on February 24 in Hà Nội that , all negotiations between Vietinbank and the German side have been completed.

On February 26, Vietinbank will send a delegation to Germany to complete remaining procedures, said Mr. Hùng.

In the early third quarter, Vietinbank will officially sign contracts with its two foreign strategic shareholders - International Finance Corporation, member of the World Bank Group, and Nova Scotia, a leading bank in Canada. Each of the shareholders will own a maximum of 10% stakes in Vietinbank.

Now, Vietinbank is the first equitized State-owned bank already having selected foreign strategic shareholders.

By Ngọc Vân