The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) became the country’s first bank to consolidate its presence in Europe with the opening of a branch in Frankfurt, Germany, on Tuesday.
Deputy Prime Minister Hoang Trung Hai said at the opening ceremony that the event marked a strategic step in accessing one of the leading financial centers in Europe and the world, showcasing the effective co-operation between Viet Nam and Germany.
Hai praised Vietinbank’s promotion of international integration to create favorable conditions for expanding its business network around the world.
Vietinbank Chairman of the Board Pham Huy Hung affirmed that the bank had chosen to expand into Germany as Europe’s leading economic centre, already a big trade partner and home to a large number of overseas Vietnamese.
Hung said that the bank would, in the long run, upgrade its Frankfurt branch into a subsidiary bank and open more branches in the Czech Republic, Poland, the UK, France and other European Union countries.
The bank plans to service Vietnamese and German individuals and businesses with products related to remittance, deposits, loans, credit cards and e-banking.
In other news, the Viet Nam Bank for Agriculture and Rural Development (Agribank), the Bank for Investment and Development of Viet Nam (BIDV) and the Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) have chosen to open new branches in Cambodia and Laos.