VietinBank opens subsidiary bank in Laos

14:50 | 17/01/2015

The State Bank of Vietnam has allowed Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) to convert its branch in Laos into a 100 per cent owned subsidiary with the total chartered capital of $50 million.

vietinbank opens subsidiary bank in laos

The new bank is named Vietnam Trading Joint Stock Bank in Laos. VietinBank has to start its operation within 24 month. If not, the State Bank of Vietnam’s decision would no longer be effective.

vietinbank opens subsidiary bank in laos

In September 2011, VietinBank opened its first international branch in Frankfurt in Germany. In April, 2012, it opened the second branch in Berlin. The bank currently has representative offices in Singapore and Paris.
Being one of the four largest state-owned commercial banks of Vietnam, VietinBank has developed an operations network comprising 150 branches and over 1,000 transaction offices.

This bank has established correspondent relationship with 900 banks and financial institutions of 90 countries and territories all over the world.

By Khanh Oanh

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